My 401k is only 300 something but I need whatever I can get. How can I get it?

Assuming you are still employed by the company that has the 401(k) plan: the best option is to take a loan against your account, if your plan allows it. Not all 401(k) plans allow for loans, so check with the plan administrator about this. The advantages of taking a loan rather than a withdrawal is that you pay yourself interest and there are no income tax or early withdrawal penalty implications.

If you are not allowed to take a loan, then next is to look into whether you can take a withdrawal. This is NOT recommended as you will have to pay both income tax and early withdrawal penalty on whatever you take out. Most plans do not allow "in-service" withdrawals - that is, while you are still employed by the company - unless the money is to be used for one of the following hardship purposes:

1. Un-reimbursed medical expenses for you, your spouse, or dependents.
2. Purchase of an employee's principal residence.
3. Payment of college tuition and related educational fees and expense such as room and board for the next 12 months for you, your spouse, dependents, or children who are no longer dependents.
4. Payments necessary to prevent eviction of you from your home, or foreclosure on the mortgage of your principal residence.
5. Funeral expenses
6. Repair of a primary residence.

Be aware that even if you qualify for a hardship withdrawal you will still be required to pay the 10% early withdrawal as well as income tax on the withdrawal.

assuming you are still employed by the company that has the 401(k) plan: The best option is to take a loan against your account, if your plan allows it. Not all 401(k) plans allow for loans, so check with the plan administrator about this. The advantages of taking a loan rather than a withdrawal is that you pay yourself interest and there are no income tax or early withdrawal penalty implications.

If you are not allowed to take a loan, then next is to look into whether you can take a withdrawal. This is not recommended as you will have to pay both income tax and early withdrawal penalty on whatever you take out. Most plans do not allow "in-service" withdrawals - that is, while you are still employed by the company - unless the money is to be used for one of the following hardship purposes:

1. Un-reimbursed medical expenses for you, your spouse, or dependents.
2. Purchase of an employee's principal residence.
3. Payment of college tuition and related educational fees and expense such as room and board for the next 12 months for you, your spouse, dependents, or children who are no longer dependents.
4. Payments necessary to prevent eviction of you from your home, or foreclosure on the mortgage of your principal residence.
5. Funeral expenses
6. Repair of a primary residence.

Be aware that even if you qualify for a hardship withdrawal you will still be required to pay the 10% early withdrawal as well as income tax on the withdrawal.

I am not employed there anymore plese help

i am not employed there anymore plese help

OK - in this case you are ineligible to take a loan. You should be able to make a withdrawal, although again some plans don't allow it even for former employees under age55 unless it's for a hardship purpose. So ask your plan administrator whether you can take a withdrawal. But again, you will owe both income tax and early withdrawal penalty on any distribution. Another option would be to roll your 401(k) into a rollover IRA and then take a distribution from there, but to be honest the amount is so small (under $500) that you may find there are few IRA custodians willing to take this on. If you already have an IRA account established you should talk with that company and see if they can work the rollover for you.

ok - in this case you are ineligible to take a loan. You should be able to make a withdrawal, although again some plans don't allow it even for former employees under age55 unless it's for a hardship purpose. So ask your plan administrator whether you can take a withdrawal. But again, you will owe both income tax and early withdrawal penalty on any distribution. Another option would be to roll your 401(k) into a rollover ira and then take a distribution from there, but to be honest the amount is so small (under $500) that you may find there are few ira custodians willing to take this on. If you already have an ira account established you should talk with that company and see if they can work the rollover for you.

I just want to withdraw what ever I can how do I do it?

Contact the plan admins and ask for a distribution since you are no longer employed.

contact the plan admins and ask for a distribution since you are no longer employed.

How do I do that? Is there a phone number or website or form for that?

That information would have been on your plan statements. Or just contact the HR dept of your former employer.

Remember that you will need to set aside a portion to pay the 10% penalty and your income taxes next year.

that information would have been on your plan statements. Or just contact the hr dept of your former employer.

Remember that you will need to set aside a portion to pay the 10% penalty and your income taxes next year.

Thank you very much. Question answered .