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Lori W | I need my 401K money...? |
I am with Fidelity Investments thru my company and they say that there is no way to liquidate my 401K without leaving the company. Is there ANY way around this? I don't need a loan or withdrawal, not enough. I need it for an attorney. It's only about 6K (haven't been putting in for very long). |
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momof6
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My friend tried to get her money out for a surgery and they said because it is an optional surgery she wasn't eligible.
They say its has to be an approved hardship. So go to your HR and fill out the forms and see if you get approval. |
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Dr. Deth
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only way is a hardship withdrawal and you have to plead your case to your employer and maybe the 401k administrator - no guarantee on getting approved. Also, you would owe 30-35% or more for taxes and penalty on the amount withdrawn if approved |
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hazeltine4
 |
There may be a Hardship clause that allows you to get the money. But, otherwise, you'd have to quit the company. Then, you will pay taxes and penalties on what you take out, so out of $6000, you'll end up with only about $4000. |
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Randy W
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This is false information, you can get your funds at anytime you like, but here are the bad issues. IF your company has contributed anything to it those funds are not subject to withdrawl, only your portion of contributions can be taken, and if you liquify you 401k then your employers funds will be returned to the employer, even if you left a dollar in there because these where matching or percentage funds.
The other issue is, if you are in financial trouble, having a major medical procedure or are a first time home buyer you can take this money out using special forms without the penalties.
But if you don't meet these qualifications then heres how it works, you contact the funds administrator at you place of employment request that your 401K be liquidated for legal fee's, then you will need to fill out about 4 forms, then you will be subject to pay a capital gains tax on the money, State and Local Tax on the money and Federal taxes on this money, plus you will be subject to a early withdrawl penalty of at least 10 -30%. So buy the time you have paid all the taxes fee's and penalties your $6000 dollars will be about $2798.00 Dollars and when you file your taxes for next year you will have to report this again on you taxes, and pay taxes on the $2798.00 Dollars again.
I would strongly suggest that you leave this money alone, contact a banker, or relative or make some kind of payment arangements with the lawyer. Because really you are just Pissing this money away if you try to get it now! |
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Michael Z
 |
You will have to have an attorney in your state review the documentation to see if you are bound to continue the plan or how you can go around! |
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Steve R
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You can't take it out while still working there. |
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BigRedRockEater
 |
Check with your company benefits offcie to be sure, but you're probably unable to liquidate your account. |
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ianrothman
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There is absolutely no law that requires your company to allow you to liquidate your assets while still their employee. Sorry. |
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NikonLady
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Call Fidelity. Be sure you want to do it. Also, if it's realloy $6k that you need - trust me you will not get that much that you've put in due to early withdrawl. I can tell you this because it happened to me. |
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Sparkles
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I was able to withdraw part of my 401K because I had to pay my daughter's tution. There was a form to fill to request the money, as some 401K programs will let you do this in an emergency, tution fees, or hardship. You are however, limited to the amount you can withdraw from your account because of how long it has been vested. I do not know what yours bases it's withdrawal on. |
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Thin Kaboudit
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Even if there were a way, you'd only get a little less than half the balance anyway, after penalties & taxes. You don't "need" your 401(k) money for an attorney, you just "want" it...
If you are being sued, and you can't afford an attorney, the court will appoint one for you.
If you want an attorney to sue someone for you, if you have any real chance of winning, a lawyer will take your case on contingency, and get paid out of what she wins you.
Best wishes... |
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richard t
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borrow what you can against it and borrow the rest from a bank................. |
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Marshal Jed Cooper
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Here is the plan stan
1. Find out if they can give you a loan from your 401K most will let you take out up to 50% of your vested amount and you must pay it back within 3 years.
2. They have to let you have your money for certian things in the form of a loan. Read your plan. If you dont qualify and you need the money that badly find another way like stop paying your morgage. (Perhaps you can find a less drastic clause in your plan). They have to give you the money to prevent foreclosure so pay your lawyer instead of the house then bring the bills in and wala you will get the money in about 6 days. This is like playing chicken though be sure that your REALLY need the money. |
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Bill S
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It's going to be 6K less a substantial penalty (taxes plus 10%). You sure that's worth it??? |
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Perfectionist
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sori i do think of any other way |
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ga.peach67
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If you check with your HR department, they possibly have a hardship withdrawal form. There are usually stipulations attached when you do this, like you cannot continue to contribute to the plan and can only sign back up during the next open enrollment.
Good luck! |
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PraiseBob
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It is my understanding that you can withdraw your 401K money any time you want. It is, after all, your money. However, there are huge penalties for withdrawing it before you are of retirement age. |
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steven e
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wow,you loaded. |
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Coolmama
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You can get it but you will have to pay it back and you will get a fine |
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Feeling Mutual
 |
1. You can take a loan on your 401K.
2. You can transfer part of your 401K to an IRA.
I recommend keeping it in, the tax hit on it will be very high. |
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