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tinsnips11

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  1. The PMI is less than .05% and will not be official until a property is selected, but based on the downpayment and our credit scores it will be less than that. Its all a dead issue because we don't have a distributional event. Probably for the best as I was out-thinking myself. I did ask about a roll over. They weren't too happy but said it was possible. Thanks for the tip. Thanks for you time and attention. I'll probably post again when I get the list from the Town. t
  2. The Rate is 5.0 and PMI is $163 or 183 per month. I don't remember what the percent is on the PMI around .05% maybe. I have a call in to find out. In the meantime I spoke with the local AXA administrator, who stated I cannot close it w/o a (documentable) hardship or upon termination. I understood (perhaps incorrectly) that after 2009, 403b's were more like 401k's and I could close it, or at least use it for purchase of a primary residence (still paying the 10% and taxes). Please enlighten me. Thanks again.
  3. Thank you both. We do have down payment. I was looking to scrape a little more to avoid the PMI. I looked at the IRS 571 (#?) before I posted. I couldn't find anything on terminating. I do know better than to screw with it. But the lack of service and limited release of information from AXA, low balance and no more elective contributions, combined with the optortunity to get a better Mortgage situation begged the question. The 403b loss, taxes, and penalties would have to be equal to or less than the PMI payments over time. But then future gains would have to be factored in too... no? In the end, I just needed somebody else to say it. Thanks
  4. Sorry, I neglected to say I did do search of the forum but didn't see a concrete answer. BTW I am under 59-1/2
  5. Hello, I have a 3 part question: Can I close a 403b (our advisor whom I do not trust anymore says no) What are the tax ramifications? Can I offset some of the taxes with the loss? I am scraping for a few extra grand for a down payment on a home. My wife is a teacher and besides her pension we have a 403b (w/ AXA) no match. There isn't too much money in there and we no longer contribute to it, but rather contribute to my matched 401k. I want to close the 403b. Contributed = $7700 Actual Value = $6600 Loss = 1100? we are on the upper bubble of the 15% tax bracket. State = 5.625, Are there any other fees from the IRS, Fund manager, etc? What is the timing? waiting periods? etc. I understand this may not be the smartest thing to do. But I'm willing to take the hit to move my family into a better situation. If I'm willing to take the hit, it's my money why can't I close it? thank you.
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