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Home > Money & Services > Retirement   »   early withdrawal

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Old Aug 17, 2006, 07:08 AM
space207
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early withdrawal
I need to withdraw my 401 K funds but have been told I can't do it because I am still working for the company. My total is fully vested. I don't qualify for a hardship withdrawel & already have 2 loans on it. Is there anything I can do?

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Old Aug 17, 2006, 09:03 AM   #2  
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If I am terminated beceause my job has been outsourced, do I have to pay the 10% penalty for cashing my 401k? I am 47 years old and fully vested.
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Old Aug 17, 2006, 11:58 AM   #3  
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Quote:
Originally Posted by space207
I need to withdraw my 401 K funds but have been told I can't do it because I am still working for the company. My total is fully vested. I don't qualify for a hardship withdrawel & already have 2 loans on it. Is there anything I can do?
Not much. You should be able to withdraw the money, but you will pay a 10% penalty as well as be liable for taxes on the withdrawn amount.
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Old Aug 17, 2006, 12:00 PM   #4  
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Quote:
Originally Posted by longfellows
If I am terminated beceause my job has been outsourced, do I have to pay the 10% penalty for cashing my 401k? I am 47 years old and fully vested.
Yes. Any withdrawal not qualified as a hardship (and termination doesn't qualify), is subject to a 10% penalty. Plus taxes are owed.
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Old Aug 17, 2006, 03:00 PM   #5  
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Quote:
Originally Posted by space207
I need to withdraw my 401 K funds but have been told I can't do it because I am still working for the company. My total is fully vested. I don't qualify for a hardship withdrawel & already have 2 loans on it. Is there anything I can do?
You may have to repay the loans first or there maybe a period of time that must be met (12 months) before you can withdraw from this account or make any changes as a result of taking out the loans. You may have to wait.
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Old Aug 17, 2006, 03:04 PM   #6  
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Quote:
Originally Posted by longfellows
If I am terminated beceause my job has been outsourced, do I have to pay the 10% penalty for cashing my 401k? I am 47 years old and fully vested.
Yes and any taxes on the amount. A roll over is a better option. See your plan administrator.
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