Ask Experts Questions for FREE Help !
Ask
    401kquestions's Avatar
    401kquestions Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Dec 13, 2008, 05:02 PM
    401K Withdraws
    I heard that Obama will waive the penalty for the 1st @10k withdrew from your 401k for 08 and 09? Is that true?
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
    Uber Member
    		  
    #2

    Dec 13, 2008, 07:22 PM

    Where did you hear this whopper?
    401kquestions's Avatar
    401kquestions Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Dec 14, 2008, 06:41 AM
    Good question, it was during the campaign and I can't recall if it was a friend or on the news. I have done some research online and could not find anything. I hope someone out there heard the same thing and can confirm that.
    FrankK's Avatar
    FrankK Posts: 23, Reputation: 2
    New Member
    		  
    #4

    Dec 24, 2008, 10:35 AM
    No, that's not the case. What Obama -- and others on Capital Hill -- have suggested is passing a provision as part of the next bail out bill that would waive the mandatory distribution requirement for those 70 and older. The reason being that the market has taken a dump, so they don't want people to have to jump out of the market at this time.
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 loan and pulling momey out of a 401k to pay the loan off [ 2 Answers ]

I have just turned 591/2 and have a 5,000 dollar loan from my 401k... can I withdraw monies to pay this loan off... and how much will I be taxed if I do? Mickey Huddleston

Congress allowing 401k withdraws [ 2 Answers ]

Do you know if Congress is seriosly considering allowing people to withdraw up to 15k from their 401k's without paying penalties. If so, would you suggest doing so and putting the money towards a 6.9 percent home mortgage? Thanks.dk

IRA or 401K withdraws at 65 [ 1 Answers ]

I turned 65 in August. I am still and will continue to work. I hope till I am at least 70. Now that I am 65 I would like to make a 6,000 deduction from one of my accounts. Is it better to make the withdraw from the 401K or my Ira accounts?

401K or Roth 401K [ 3 Answers ]

Hai, I am an Indian, presently working for a USA company. I will be in US for next 2-3 years and then I will return back to my country. My employer gave the option to enroll for 401K plan or Roth 401k or a combination of both. And the employer matches my contribution at the rate of 50cents on a...

401k [ 2 Answers ]

My husband has a 401K plan with a company that is doing very well in the stock market. The company is selling this particular property in Western NY. The new owner does not offer a 401K plan. What are our options with the money in the 401K? I know we can roll it into a Roth IRA but I was wondering...

View more questions Search