Ask Experts Questions for FREE Help !
Ask
    Prasadj's Avatar
    Prasadj Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 4, 2011, 08:16 PM
    401k disbursement
    Hi can some one help to with draw 401K amount currently I am in US and moving to my native county and I don't have plans to come US in future also. Please suggest me as soon as possible.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Dec 4, 2011, 08:51 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.

    You need to talk to the plan administrators or your HR dept. They can help.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #3

    Dec 5, 2011, 06:14 AM
    Quote Originally Posted by ScottGem View Post
    You need to talk to the plan administrators or your HR dept. They can help.
    Agreed. And be aware that you will have to pay ordinary income tax and the 10% early withdrawal penalty on any distribution you take (assuming you are under age 55). If you don't need the cash right away you may want to consider moving the account to a rollover IRA. That way you avoid taxes (for now) and penalty, and lets the account continue to grow tax-deferred until retirement.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401K disbursement question [ 1 Answers ]

Hi, I'm going to be laid off my current employer come Nov. and I have a total balance of 4271.20 in my 401k (consisting of $3,766.61 in total contributions, and a loan balance of 504.59). I was thinking of getting it disbursed once my employment is up. How much can I expect to get back? By the...

401k disbursement check [ 1 Answers ]

My husband has just changed companies. He had money in a 401K investment plan which we wanted to put into a money market fund with our bank, so the investment firm we had the money with sent us a check made out to my husband and the bank. Now we find that we need the money for an unexpected...

401K Disbursement [ 1 Answers ]

Do former employers have a time limit on making 401k disbusments? I submitted all of the paperwork to have a lump sum distribution almost 3 months ago. Are there any laws that regulate this type of disbursement?

401k disbursement and downpayment [ 3 Answers ]

In 2005, I took a withdrawal from my 401K, which I used as a downpayment on my first and primary place of residence. I was paying it back, when I changed companies in 2006. The old company has reported it to IRS as a taxable income. Now I face additional penalties and taxes. How do I offset my...

View more questions Search