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    buch1979's Avatar
    buch1979 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 10, 2012, 04:24 AM
    How to get money from 401k
    I need to get money out of my 401 k. Also, honest people and businesses that have experience in these kind of areas.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Mar 10, 2012, 04:49 AM
    I'm befuddled by your honest people and businesses comment. It really has nothing to do with your question.

    If you have money in a 401(k), they you can withdraw it ONLY if your plan permits in-service withdrawals or you have left the company. If you are under age 59 1/2, then there will be penalties for withdrawing. Whatever you withdraw, will be subject to a 10% penalty. In additional what you withdraw will be added to your taxable income for the year.

    You might explore taking a loan from the plan if your plan permits. Whatever, you pay on the loan goes right back into your account, so you are, essentially paying yourself interest.

    You need to talk to the plan administrator about either a withdrawal or a loan.
    Sneh77's Avatar
    Sneh77 Posts: 1, Reputation: 1
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    #3

    May 21, 2012, 12:45 AM
    Ok I will try
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    May 21, 2012, 05:23 AM
    Quote Originally Posted by Sneh77 View Post
    Ok i will try
    Huh? Are you the original poster under a different name or just in a similar situation?
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