Comments on: How long does it take to get 401K disbursement for under 59 1/2 year old, hardship withdrawal once filed? http://www.secretfinance.com/blog/how-long-does-it-take-to-get-401k-disbursement-for-under-59-12-year-old-hardship-withdrawal-once-filed/ Thu, 17 May 2012 20:19:32 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Steve http://www.secretfinance.com/blog/how-long-does-it-take-to-get-401k-disbursement-for-under-59-12-year-old-hardship-withdrawal-once-filed/comment-page-1/#comment-1279 Steve Tue, 03 Mar 2009 12:02:28 +0000 http://www.secretfinance.com/blog/how-long-does-it-take-to-get-401k-disbursement-for-under-59-12-year-old-hardship-withdrawal-once-filed/#comment-1279 I just requested a distribution from my 401(k) plan. I was told it would take 5 to 7 days to get the check. Your plan might be different but I suspect the 5 to 7 days is a pretty good benchmark. I just requested a distribution from my 401(k) plan. I was told it would take 5 to 7 days to get the check. Your plan might be different but I suspect the 5 to 7 days is a pretty good benchmark.

]]> By: src50 http://www.secretfinance.com/blog/how-long-does-it-take-to-get-401k-disbursement-for-under-59-12-year-old-hardship-withdrawal-once-filed/comment-page-1/#comment-1278 src50 Sun, 01 Mar 2009 05:57:10 +0000 http://www.secretfinance.com/blog/how-long-does-it-take-to-get-401k-disbursement-for-under-59-12-year-old-hardship-withdrawal-once-filed/#comment-1278 The length of time is determined by the particular plan rules and conditions. He needs to consult the 401(k) custodian. The penalty and 20% withholding is like any other withholding. When you file your 2008 tax returns, you will have to pay any additional amount due, or perhaps will get a small refund if 20% is more than your tax bracket. The length of time is determined by the particular plan rules and conditions. He needs to consult the 401(k) custodian. The penalty and 20% withholding is like any other withholding. When you file your 2008 tax returns, you will have to pay any additional amount due, or perhaps will get a small refund if 20% is more than your tax bracket.

]]> By: Wayne Z http://www.secretfinance.com/blog/how-long-does-it-take-to-get-401k-disbursement-for-under-59-12-year-old-hardship-withdrawal-once-filed/comment-page-1/#comment-1277 Wayne Z Fri, 27 Feb 2009 11:24:38 +0000 http://www.secretfinance.com/blog/how-long-does-it-take-to-get-401k-disbursement-for-under-59-12-year-old-hardship-withdrawal-once-filed/#comment-1277 1) No Idea. 2) Generally, the trustee will withhold 20%. This twenty percent usually doesn't cover the entire tax bill for the withdrawal but it is impossible to know what the total bill will be without knowing your total income for the year and the amount of the withdrawal. 1) No Idea.

2) Generally, the trustee will withhold 20%. This twenty percent usually doesn’t cover the entire tax bill for the withdrawal but it is impossible to know what the total bill will be without knowing your total income for the year and the amount of the withdrawal.

]]> By: Judy http://www.secretfinance.com/blog/how-long-does-it-take-to-get-401k-disbursement-for-under-59-12-year-old-hardship-withdrawal-once-filed/comment-page-1/#comment-1276 Judy Thu, 26 Feb 2009 02:41:18 +0000 http://www.secretfinance.com/blog/how-long-does-it-take-to-get-401k-disbursement-for-under-59-12-year-old-hardship-withdrawal-once-filed/#comment-1276 Ask the trustee of the 401K plan how long it will take - each one is different. They should be able to give you a good idea on when you'll get the check. The amount taken out for tax is just withholding, like the amount taken out of your regular paychecks. If you have the 20% plus the 10% penalty taken out, and your tax bracket is less than 20%, you could end up getting some of it refunded to you since you'd owe less than what was withheld. If your tax bracket was more than 20%, then you could owe more Good luck. Ask the trustee of the 401K plan how long it will take - each one is different. They should be able to give you a good idea on when you’ll get the check.

The amount taken out for tax is just withholding, like the amount taken out of your regular paychecks. If you have the 20% plus the 10% penalty taken out, and your tax bracket is less than 20%, you could end up getting some of it refunded to you since you’d owe less than what was withheld. If your tax bracket was more than 20%, then you could owe more

Good luck.

]]>