If we take out most of the money from our 403-B to pay off the mortgage will we have to pay taxes on it? Posted on May 10, 2011

Both my husband and I are unemployed and have exhausted our unemployment benefits. He is also a minister and receives a housing allowance but no salary. We have 2 more years left on our mortgage. If we take out most of the money from our 403-B to pay off the mortgage will we have to pay taxes on it? If so, how much would the taxes be on $18,000? We are struggling to keep our bills paid and think that getting rid of the mortgage payment would help us greatly. But my concern is, if we will be required to pay taxes on it. Thank you. I look forward to hearing from you soon. Sincerely, C. Coburn

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