[buzzy62]

I need to cash out my 401k for to pay for emergency expeneces. What will this cost me

[ScottGem]

Too much!

Your 401K is the very, very last thing you touch. First, not all plans permit inservice withdrawals. If your plan does permit it, there will be a penalty of 10%. In addition, any funds you withdraw will be added to your taxable income for the year. This means anywhere from 20-40% will be lost to taxation. Plus there is the loss of investment income on the funds.

Check if you plan has a loan provision. This is usually a much better alternative.

[MukatA]

Check with your plan administrator.
Many 401(k) plans allow employees to make a hardship withdrawal because of immediate and heavy financial needs. Generally, hardship distributions from a 401(k) plan are limited to the amount of the employee's elective deferrals only, and do not include any income earned on the deferred amounts.