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Asked 2/7/2009

401k withdrawel

I withdrew money from my 401k & the advisor I talked with said there would be no 10% penalty tax since I am 55 yrs old &retired from this company, is this correct? When I try to do my Fed taxes it comes up taxable.

 
 
 
 
 
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Answer 1/1 - Submitted 2/7/2009

There is just no penalty for early withdrawal, but there is always taxes on money withdrawn from your 401k.

 
 
 
 
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