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Asked 11/14/2009

Can i get my 401k money out without penalty?

Age 57
laid off eff: 12/31/09

can i get my 401k money out without the 10% penalty?

 
 
 
 
 
Answers

Answer 1/1 - Submitted 11/14/2009

Being over age 55 and "separated from service" is a valid exception to the early distribution penalty. You will probably need to file Form 5329 with your tax return, to show the IRS that you have a valid exception.

So wait until after you're laid off to take the money out.

 
 
 
 
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