- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
457 withdrawal advice
Posted on 6/19/14 at 10:13 pm
Posted on 6/19/14 at 10:13 pm
Have about $15,000 from when I began my job in a MM account earning not much. I have other retirement investments. Looking to move homes, and was thinking about pulling it out to use. Wife is a teacher and will be on sabbatical, so this shouldn't put us ina new tax bracket because of her decrease in pay during that time. from my understanding, 457 withdrawals aren't penalized, but seen as taxable income. Anything I'm missing?
2
Posted on 6/20/14 at 12:52 am to Scooby
quote:
457 withdrawals aren't penalized
If you're under the age of 59-1/2 there will be a 10% penalty in addition to being taxed as ordinary income, same as a 401K. The money can be withdrawn without the penalty to use for the first-time purchase of a home.
Posted on 6/20/14 at 7:41 pm to Scooby
Bump
Posted on 6/21/14 at 8:52 am to Layabout
You are correct. There is no penalty on early 457 withdrawals, just have to pay the taxes.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News