401k Withdrawl?
Randy W asked:
Is there a way of removing the money from your 401k beside a loan if you are still employed at the company.
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on Friday, February 27th, 2009 at 12:00 am and is filed under Personal Finance.
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Is there a way of removing the money from your 401k beside a loan if you are still employed at the company.
February 27th, 2009 at 8:26 am
Only if you want to pay a butt load of taxes.
March 1st, 2009 at 2:51 am
You need to contact your Human Resource person. If you do early withdrawals , there are penalties and you have to pay taxes on the amount you withdraw
March 3rd, 2009 at 6:31 pm
Ask your Human resources person if the 401(k) plan allow for “In Service Distributions”, and if so under what terms. Several companies have plans that allow this. Be prepared to pay regular income tax plus a 10% penalty for early withdrawal if you are under 59 1/2.