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    jeff fazio's Avatar
    jeff fazio Posts: 1, Reputation: 1
    New Member

    Feb 22, 2006, 09:10 AM
    401k withdrawl
    The Big Lots store I have been managing the past three years recently closed. I wish to withdrawl my 401k contributions and I was wondering if I will be charged a penalty since the company closed my store and offered no transfer.
    letmeno's Avatar
    letmeno Posts: 215, Reputation: 23
    Full Member

    Feb 22, 2006, 11:11 AM
    I just recently withdrew my 401k from the job that I just left. You will be charged the 20 percent for federal taxes, and the 10 percent for state taxes, but you have to check with the company about the early withdrawl penalties, because each company is different in regards to the penalties.

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