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-   -   401K early withdrawal (https://www.askmehelpdesk.com/showthread.php?t=178617)

  • Jan 30, 2008, 03:30 PM
    alonsooo
    401K early withdrawal
    Hi,
    I am over 55 and left my job this past year to start up a new business where I am not taking any salary. My question is whether I qualify for a penalty free withdrawal from my 401K at my former employer?
  • Jan 30, 2008, 03:52 PM
    ebaines
    Yes you do qualify for a penaly-free withdrawal - as long as you have separated from service in or after the year you turned 55. Since you left your job last year, and you are now over 55 I assume that last year you were at least 55. You will have to pay regular income tax on the withdrawals, of course.
  • Jan 31, 2008, 01:49 PM
    AtlantaTaxExpert
    Agree!

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