cdqt
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If your employer allows for loans, then yes. If not, they probably allow hardship withdrawals, which by definition you do not have to pay back, but they have to fit the criteria of a significant financial issue (losing your home, paying back student loans, significant medical bills, etc.). Find out from your Benefit person what is allowed. |
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Milton a.k.a. the building pyro
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You can always pull money from your 401K... as a loan, or as a direct withdrawl. If you do it as a direct withdrawl, you will have to pay taxes on the full amount in that immediate tax year, which can really add up if it's a large amount. Most people just take a loan out against their 401K, which allows them to pay it back into the plan, and avoid paying the tax penalty. |
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kinder
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YOU CAN TAKE IT WHEN EVER YOU WHAT YOU WILL JUST HAVE TO FACE TAXES AND EARLY WITHDRAW PENALTIES THE ONLY EXCEPTION THAT I KNOW OF IS IF YOUR A FIRST TIME HOME BUYER FOR A DOWN PAYMENT AND YOU DO HAVE TO PAY THAT BACK WHEN YOU LEAVE YOUR JOB YOU CANT JUST TAKE THE MONEY OUT YOU HAVE TO ROLL IT OVER TO A IRA OR ROTH IRA THIS IS THE BEST WAY TO SAVE FOR YOUR RETIREMENT TRY TO CONTRIBUTE AS MUCH AS YOU CAN!!!! |
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digdowndeepnseattle
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As others have said, if your plan allows it you can take a loan. As for taking a withdrawal....if your plan allows a hardship withdrawal then you can access certain money types for very specific reasons. Other than that, the only other way you can get money out is if it's very specific in the plan document to allow for early withdrawals and it's only for EMPLOYER contributed money...ie your money stays. After that you have to wait til age 59 1/2....at that point plans may allow distributions at any time....but again it depends on the plan document and no one on here can tell you for sure what you can and can't do without seeing that document. |
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robert w
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sure.
u can get a loan against it .
only when u get fired /laid off u will pay at 40 Forty % tax rate? why would u?
as for quit if u touch the money u get 40% tax on it.
do ur home work , if u need the money get 2 more pt/tm jobs |
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bigleybill
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You can take money out of your fund ,but, you will pay additional penalty taxes if you are under 62 1/2. Look into it thru your HR dept, it may not be worth it. |
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heartvanishing
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You can barrow money from your 401K but there is a Very stiff penilty for doing it. it would be best to leave it alone. but you may want to talk to your HR rep b4 doing something like that. |
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Veritas et Aequitas ()
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Yeah you can take a loan or direct withdrawal. You will be taxed heavily for the latter. The loan allows you to draw off the account and you have a certain time frame to pay it back and payments are usually deducted from your paycheck. There is no penalty, however if you switch jobs or a fired you have to immediately place the money back in your 401k, otherwise you will be hit with a big fat tax bill and a 10% penalty. |
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src50
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Generally you cannot, although there are circumstances than allow a loan. See www.401k.org. |
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sporregar
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Depends on your plan. Some plans let you take money out as a LOAN for certain reasons. The only way you can take all your money is when you leave that place of employment.
Go see your plan administrator for the rules on your specific plan.
Never a good idea to take money from your 401k or IRAs because you're thowing away money and compound interest. |
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mary p
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You can but only for certain reasons. Like medical bills , buying a house, college. You will be penalized big time and have to wait a full year before you can start up again. |
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logsdodl
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You can take out the funds but it will be taxed and you will have to paid a early withdraw fee. |
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zaphodsclone
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Yes but be careful there are only a few scenarios in which you can take out money and not incur penalties. |
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Lori
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You usually can't take money out of your 401(k) while you are still working for your employer except in cases of certain major financial emergencies. However many 401(k) plans allow you to take a loan from your 401(k) where you pay yourself back with interest. |
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kay81363
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i have personally taken money out of my 401k on 2 occasions while still at the same job |
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