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Asked 3/24/2009
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Can you cash out your 401k? If so how much are you charged? |
Answer 1/1 - Submitted 3/24/2009
Depends on your age and reasons for cashing it out. First, since your contributions were not taxed when they went in, you'll have to pay taxes on it. If you are taking it out for health care, college and a few other things, you won't have to pay a penalty. Otherwise, there will be a 10% penalty on top of the taxes.
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