GRAYFOX06
Jan 4, 2008, 03:01 PM
What Is The Penalty For One Who Withdraws 401k Funds Before Age 591/2
ScottGem
Jan 4, 2008, 07:36 PM
First its not a good idea to piggyback your question on someone else's. This can lead to confusion. You should start a new thread. So I've moved your question to its own thread.
Early withdrawal includes a 10% penalty plus the amount of the withdrawal is added to your taxable income for the year. Taking an early withdrawal is a very last resort. See if your plan allows for loans against the balance.