I'm working through an unpleasant tax situation, and need 10K for about a year (10 or 11 months should suffice) to stay above water. My projections indicate finances back to good by Feb/Mar 2019, sooner if the numbers indicate that I can lower Tax Estimate payments without penalty.
The budget I used assumes (and includes) a 5-year loan from my 401K at 4% (with payments of ~190/mo until until I pay off the balance).
Already have a HELoan, so don't believe that a Home Equity line is an option (current LTV is 66%).
Any other possibilities I'm missing?
@expatCanuck wrote:I'm working through an unpleasant tax situation, and need 10K for about a year (10 or 11 months should suffice) to stay above water. My projections indicate finances back to good by Feb/Mar 2019, sooner if the numbers indicate that I can lower Tax Estimate payments without penalty.
The budget I used assumes (and includes) a 5-year loan from my 401K at 4% (with payments of ~190/mo until until I pay off the balance).
Already have a HELoan, so don't believe that a Home Equity line is an option (current LTV is 66%).
Any other possibilities I'm missing?
Expat, what about a business CC with 0% APR? For example, the Amex Blue Business Plus has 0% intro APR for 15 months. Since it is a business card the credit lines can be higher. That should be enough time to get back on track and it’s a hidden trade line.
@shoegal wrote:
@expatCanuck wrote:I'm working through an unpleasant tax situation, and need 10K for about a year (10 or 11 months should suffice) to stay above water. My projections indicate finances back to good by Feb/Mar 2019, sooner if the numbers indicate that I can lower Tax Estimate payments without penalty.
The budget I used assumes (and includes) a 5-year loan from my 401K at 4% (with payments of ~190/mo until until I pay off the balance).
Already have a HELoan, so don't believe that a Home Equity line is an option (current LTV is 66%).
Any other possibilities I'm missing?
Expat, what about a business CC with 0% APR? For example, the Amex Blue Business Plus has 0% intro APR for 15 months. Since it is a business card the credit lines can be higher. That should be enough time to get back on track and it’s a hidden trade line.
Thanks, Shoegal. Worth considering. Thing is, I don't need credit -- I need cash (to pay tax installments). Also, don't know if I'd qualify for a business card as I don't run a business -- I'm an employee.
@Anonymous wrote:When you say tax intallments and tax estimates it sounds like a business.
You can use a card to pay tax installments, assuming you mean payments for an installment agreement. via pay1040.com etc. There's just under a 2% fee IIRC.
Ah, maybe state taxes? I'm sure that depends.
I got a PL from Marcus recently at 6.99% (I think). Super quick and painless. Yes, the interest is higher, but you wouldn't have to touch your 401k. Soft pull to start, then TU when proceeding. I got an offer with a much higher rate from SoFi, though I'm very happy with them for my student loan refi's. Others here have had success with them for PL's. Also a soft pull.
ETA: Another option would be BT check if you have any available. You said things should lighten up in about a year, so it'd be a quick way to kick the can down the road.
1+
I had to pay my tax bill ($5,000) in installments last year for my federal and state so I called and asked if I could pay with a card. But they wanted to withdraw from my bank so I asked for the final payoff amount and paid in full with a card for both tax bills. I paid the card more than the minimum using my 0% intro APR and I was able to pay it off quickly.
There’s some housekeeping to do with the IRS to get them off your bank account so if you need more info send me a message. 
