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re: Taking money out of retirement
Posted on 11/12/13 at 12:48 pm to Cold Cous Cous
Posted on 11/12/13 at 12:48 pm to Cold Cous Cous
quote:I apologize as I am not very knowledgeable in this area. This is dealing with my 401K. I was behind on a few bills, so I asked to withdraw $4,000 out of my account. They lady I spoke with on the phone told me that I would have to file it on my taxes? Again, I apologize as I do not know much about this kind of stuff
Depends on what you mean when you say "retirement account," depends (maybe) on why you're taking it out, depends on a lot of things. Without more details no one can answer this.
2
Posted on 11/12/13 at 12:49 pm to Tete Verte
It will be taxed plus a 10% penalty
Posted on 11/12/13 at 7:48 pm to Tete Verte
Take out a loan against your 401K, not a withdrawal.
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