Welcome! | Ask A Question
Asked 3/17/2009
|
401k withdraw My friend is losing his job, the plant he works at is being closed/relocated to another state. What are the restrictions on his 401K? Can he withdraw? What will the penalities be? Thanks for your assistance. |
Answer 1/2 - Submitted 3/18/2009
Answer 2/2 - Submitted 3/18/2009
He can withdraw.. From a 401k the administrator MUST withold 20% federal taxes.. and possibly state, (states that require it are AR, CA, DE, IA, KS, ME, MD, MA, NE, NC, OK, O, VT, and VA)
the 10% penalty will be charge when he files taxes next year, unless he elects higher withholding..
He can roll this into an IRA and avoid all taxes and penalties, until he withdraws from there..
(they don't HAVE to w/h 20% from an IRA as they do a 401K) but taxes will be due...
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
If i can only withdraw from my 401k because of a hardship, can i withdraw (with proper documentation) about 1/2 of my balance? i was told that because i only have interest left in my account ($50,000) i cannot withdraw any monies. is this one of irs rules for the 401k. i've called several other...
How do the rules apply to withdrawing form 2 401k accounts. do i withdraw all funds from the 1st before starting to withdraw from the 2nd, or draw some from both at the same time?
I can't seem to get a clear answer on this. some people say you can, others say you can't. i understand the tax implications and the 10% early withdraw penalty. i'm willing to accept that. i just need a straight yes or no answer to whether i can withdraw my entire 401k before the age...
|
If i can only withdraw from my 401k because of a hardship, can i withdraw (with proper documentation)... |
|
How do the rules apply to withdrawing form 2 401k accounts. do i withdraw all funds from... |
|
Can i withdraw my entire 401k before age 59 1/2? I can't seem to get a clear answer on this. some people say you can, others say you can't.... |
|
I got terminated in july because i had an injury at work and couldnt perform my job duties... |
|
What % or how much cash can i withdraw from my 401k with penalties at my current age 72.w.morris At 72 years old, how much can i withdraw from my 401k without maximum penalty? |
|
Can my ex husband withdraw his 401k if i was entitled to half without my signature? In our divorce decree, i was to get 1/2 of his 401k that was accumulated during the marriage.... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.