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Asked 6/21/2011
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I'm 56 yrs old. If I were to lose my job is there a way to tap into my 401K without any penalty? What would happen if I took all of it or partial withdrawl |
Answer 1/1 - Submitted 6/21/2011
For purposes of controlling your tax liability, you might want to limit how much of your 401(k) you take out and use. Also, at this point in your life, you would be using funds that you are unlikely to be able to replace before retirement.
Being over age 55 and separated from service is by itself an exception to the 10% early distribution penalty. The 1099-R you receive probably will be coded "1" but you can file form 5329 for the exception.
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