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

    Feb 26, 2008, 06:44 PM
    Penalty for early 401K witdrawl
    The administrator of our retirement account tells me I will not be allowed to participate in the 401K plan for six months if I take out money early for a primary residence purchase.
    Can this really be true?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Feb 26, 2008, 06:46 PM
    Yes, I've seen similar provisions in other plans.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #3

    Feb 27, 2008, 08:54 AM
    You say you are taking "out money early" from your 401(k), but I hope what you mean is you are taking a loan out of your account, as opposed to taking an early distribution - correct?
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 Early distribution 10% penalty [ 3 Answers ]

From October 2006 through third week in December 2006 I was out of work with umbilical hernia on disability. My job was in an office sitting at a desk. I was cleared and returned to work for the final week in December 2006. Starting in January 2007 I began delivering heavy boxes of food for a...

Penalty on early 401k withdrawal [ 4 Answers ]

If I withdrew my 401k, early , What is the penalty amount in %?

401k Early withdrawal penalty [ 2 Answers ]

I am wondering how much of a penalty I will have to pay if I clean out my IRA early?

Penalty for early withdrawal of 401K [ 1 Answers ]

I was laid off my current job after 7 years. I am 51 years old. How much will I be penalized for withdrawing my 401K?:confused:

401k early withdrawal and 10% penalty [ 2 Answers ]

In regard to an early 401k withdrawal, can someone advise if the 10% penalty is calculated on the amount AFTER the 20% withholding, or is it on the amount of the original withdraw? (e.g. If you withdraw $10,000 from your 401k early, and the company withholds 20%=$2000; are you then required to pay...

View more questions Search