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    ANGELES ALDAMA's Avatar
    ANGELES ALDAMA Posts: 8, Reputation: 1
    New Member
    		  
    #1

    Oct 10, 2006, 06:23 PM
    401k
    I WAS JUST WONDERING ABOUT HOW $ MONEY IS TAKEN OUT, WHEN YOU TAKE OUT ALL THE MONEY?:D
    I NEED TO CLOSE IT BECAUSE NO MORE MONEY IS BEING INVESTED IN TO IT.:eek:
    I GOT IT BECUASE THE COPANY I USE TO WORK FOR OFFERED IT TO ME BUT I DO NOT WANT IT ANY MORE. HOW DO I KNOW HOW MUCH WILL BE GONE?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Oct 12, 2006, 08:46 PM
    There will be a 10% penalty.

    Plus, money will be taken out for your federal and state taxes.

    Your annual income in the year will be higher, so you will probably move up into a higher tax bracket.
    ANGELES ALDAMA's Avatar
    ANGELES ALDAMA Posts: 8, Reputation: 1
    New Member
    		  
    #3

    Oct 13, 2006, 10:38 AM
    THANK YOU! CaptainForest !
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