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Asked 5/12/2010
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Leaving Company, need to withdraw 401k.. Ok, is it possible for me to take all my money out my 401k? I understand I will have to pay a penalty. I need the money, and have no other ways to get it. I have $33,000 in my 401k. After taxes and penaltys, does anyone have a close number, on what I will get (educated guess) a round about number? |
Answer 1/1 - Submitted 5/12/2010
The IRS will take 10% penalty off the top. Then you will have to pay state and local taxes on the money as if it were income. Usually that is about 20-28% so, in all honesty, you are looking at about a 30% cut going right out the door just to use your money. If you can show that you are using a chunk of it for health insurance or health care costs, you can tell them immediately when you with draw it and have that put onto your paperwork. This may save you the penalty, but you will have to pay the taxes in the same year you took the distribution. Best of luck!
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