Mom moving in.. how will it hurt us?

[coolmom04]

Due to many reasons, my mom is moving in with us tomorrow. She is quitting her job and moving here (from another state). We aren't filing until July.

So, I have a couple of questions b/c I didn't get to search yet - I am sorry

1) If she doesn't have an income, is she considered part of our household? If she GETS an income, will that HURT us? As soon as we get her a job though, we plan to find her an apartment.
2) This is totally UN-BK related, but I know so many of you are experienced with 401K loan payments that I thought I'd ask b/c neither of us have a clue. She is paying about $500/month on 401K loans. If she quits her job, does she have to continue paying those monthly? Is there a grace period? I read somewhere that she can take 60 days without paying, but I wasn't sure if that was accurate. If she doesn't pay after those 60 days, then what happens? She couldn't get any info today b/c they are closed.

ETA: I just read the poster who posted about living with in-laws... so I wasn't sure if it was the same for someone moving in with me when I am the one filing and mom has no income.

[DeadManCrawling]

Her moving in as a dependent should be good for your means test, if that was a concern. Yes, any income she contributes will have to be included, too, but it sounds like she may not be working when you file. This could be some help.

When we filed, dad in law was living with us. But we did not include any of his income or expenses, since he had been with us a very short time and we were surrendering the house. Lawyer said we could go either way, but as bad as our finances were it wouldn't change our outcome. So we opted to keep it simple.

I cannot answer any other questions, and my answers may not apply to you, but I figured I would toss em out there.

Good luck

[momofthree]

Normally when you take out a 401k loan, the full amount is due immediately upon termination of employment (either voluntary or involuntary). If the loan is not paid, then the money is withdrawn from the 401k to pay off the loan. She'll need to contact her investment co for her situation-specific information.

[coolmom04]

Normally when you take out a 401k loan, the full amount is due immediately upon termination of employment (either voluntary or involuntary). If the loan is not paid, then the money is withdrawn from the 401k to pay off the loan. She'll need to contact her investment co for her situation-specific information.

okay.. That is what I thought about them taking what she had keft to pay off the loans. Thank you! She is going to call tomorrow to find out the specifics. It is so nice to at least some idea of what could happen.