Can a person withdraw funds from thier 401k plan while still a participant who is not of retirement age? | 401k Questions

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Asked 10/23/2008

Can a person withdraw funds from thier 401k plan while still a participant who is not of retirement age?

I want to pull money from my 401k plan to pay down debt..possibly to make repairs to home.
My employers plan administrator says that I can't do that.
I've heard people say they pulled thier money out.

I need to know if it can be done while I'm still employed at this company and where I can find IRS backup to prove that it can be done.

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Answer 1/2 - Submitted 10/24/2008

I'm sure there were conditions under which these ppl were able to pull it out.

but i'm thinking you can't do it.

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Answer 2/2 - Submitted 11/12/2008

Yes you can. but, you'd have to pay 10% penalties on it, and then all the taxes on the amount you pulled out.

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