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re: Old 401k - what to do with it?
Posted on 1/21/13 at 1:20 pm to Vols&Shaft83
Posted on 1/21/13 at 1:20 pm to Vols&Shaft83
quote:
You can take the contributions (principal) out of the Roth without penalty, not the gains (unless it's a qualifying life event). You cannot take principal or gains from a 401K or Traditional IRA until age 59.5
Ok, Im confused... Tell me where I'm wrong
401k - Pre Tax contribution, if you were to pull it out early you would pay Taxes on the amount plus 10% penalty
Roth - Post Tax contribution, if you were to pull it out early, you pay the 10% penalty.
1
Posted on 1/21/13 at 1:59 pm to Lsut81
quote:
Ok, Im confused... Tell me where I'm wrong
You are wrong here:
quote:
Roth - Post Tax contribution, if you were to pull it out early, you pay the 10% penalty.
You can pull your contributions early without penalty or taxes because you've already paid taxes on that money, you cannot pull gains early without penalty (unless it's due to a qualifying life event like medical reasons, etc.)
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