I'm getting divorced and will be receiving 60% of my husband's 401k which I need to b

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jenifer528

Jul 8, 2011, 09:57 AM

I'm getting divorced and will be receiving 60% of my husband's 401k which I need to buy a house since he's keeping our home. Is there a penalty I will have to pay in the state of Michigan for cashing out his 401k? 60% of his 401k equates to about $144,000, and I would hate to pay penalties and taxes on that since I need to buy a house.