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    gemini612's Avatar
    gemini612 Posts: 2, Reputation: 1
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    #1

    Sep 14, 2008, 12:42 PM
    Early 401k withdrawal
    I am currently out of Long Term Disability. I have 34k in a 401k with a 16k loan already on it. I wanted to withdraw a portion of this as hardship but my company stated that since I am out on leave I have to take the whole 34k. What kind of taxes am I facing? I have over 10k in charges and was just raised 500.00 additional to my rent and cannot meet this at the time.
    What are my options. I am 64 years old.

    Thank you,
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Sep 15, 2008, 10:04 AM
    Since you are over 59-1/2, you will only have to pay income taxes on the $34K (no 10% penalty).
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