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-   -   How to get money from 401k (https://www.askmehelpdesk.com/showthread.php?t=642358)

  • Mar 10, 2012, 04:24 AM
    buch1979
    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.
  • Mar 10, 2012, 04:49 AM
    ScottGem
    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.
  • May 21, 2012, 12:45 AM
    Sneh77
    Ok I will try
  • May 21, 2012, 05:23 AM
    ScottGem
    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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