How does withdrawing from 410k work?
2016-11-18 2:14 am
I left my old job recently. I got a letter in the mail asking if I wanted to withdraw but, there may be a penalty,my 401k investment or rollover. I only had $141 dollars invested( wasn't there long). If I just go ahead and take it would there be a penalty and what do they mean my penalty?
回答 (3)
2016-12-02 9:31 am
There is a 10% penalty for early withdrawal (basically taking it out before you're 59 1/2 years old). Also, you should know that 401K withdrawals are taxable. If you're in the 25% tax bracket, that's 35% you'll lose with penalty and taxes. You can just roll it into an IRA account to avoid taxes and penalties.
Hope this helps,
ArtsMoneyTalk (YouTube)
Hope this helps,
ArtsMoneyTalk (YouTube)
2016-11-18 2:17 am
Yes, there would be a 10% penalty, $14. It's added to your regular tax
2016-11-18 3:24 pm
Just ask for it.
2016-11-18 2:16 am
You can just roll it over to a new stock brokerage and then you can invest it. Any stock place should do it. Try etrade.com and schwab.com to start.
The penalty would be that you would have to pay 10% on it for early withdrawal ($14.10) and you might have to pay taxes on it, too. So, your choice. I would roll it over.
The penalty would be that you would have to pay 10% on it for early withdrawal ($14.10) and you might have to pay taxes on it, too. So, your choice. I would roll it over.
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