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Asked 12/4/2008

Is it possible to withdraw my current year contributions to my 401K, pay the tax on that amount, and not pay a penalty?

I thought I had read in an IRS document that I could withdraw my 2008 contributions to my 401K plan and pay the taxes on that amount. I had contributed $6075.00 of my previous company's salary to my plan. Is it possible to withdraw that amount, less 20% for Federal income tax? (I live in Florida, we do not have a state income tax)

 
 
 
 
 
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