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Answers (1 total)

elmer

 

 

Penalties for withdrawing a 401k is 10% of the withdrawal amount.  They will also likely do a federal tax withholding of 20% and of course you will have to pay short term and long term capital gains taxes on any profits.

 

There may be some "hardship" criteria which will allow you to withdraw without the 20% withholding but they would probably require proof of the hardship.

 

You could transfer to a rollover IRA and pullling it out would be much easier.

Answer Date: 07.09.2008 23:43

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