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Last login: Monday, April 18, 2011
Coming from the IRS, I should avoid providing financial advice but I've read many an article and heard many a financial professional preach against using any retirement account for anything other than retirement---unless you absolutely have to.
That said, an installment agreement for that amount is easy to set-up online. Sounds like you've done some research? You might also qualify for an extra 120 days to pay, generally without interest, if you can full-pay in that time frame.
What's going to cost less in the long run? See above...but might be a good idea to go with what you can afford.
http://www.irs.gov/businesses/small/a... - Payment Plans, Installment Agreements URL
http://www.irs.gov/pub/irs-pdf/p575.pdf - See page 30 in IRS pub 575 - TAX ON EARLY DISTRIBUTIONS for more on this including exceptions to the rule.
April 18, 2011 at 12:46 p.m.
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