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Asked 7/8/2009
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I'm on disability and work some Ihave around 3400.00 in a 401k. I need repairs on my house and other needs will I pay taxes Im on disability and have some money in a 401k. I need to use it on repairs I cant afford.Will I pay a lot to close it out. |
Answer 1/4 - Submitted 7/8/2009
Answer 2/4 - Submitted 7/8/2009
Answer 3/4 - Submitted 7/8/2009
Unless you are over 59 1/2 (and the plan allows inservice withdrawals) You cannot close the account while you are working there.
I assume you are not permanently disabled with an award letter... if you are that will allow you to withdraw at any time...
You will pay 20% federal tax.... as well as a 10% early withdrawal penalty unless one of the 2 conditions above are true....then the penalty is waived.
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