Adding to a previous question. I lost my job and need to cash out my 401K (We have no money in the bank) but since I dont work there I cant just withdraw what I need , I have to witdraw the whole amount and that will cost me half my money. I have $68K and I will lose $30K to taxes .
This is my question , can i then do this then , Transfer the 401K to a Traditional IRA then withdraw just what I need maybe $15 to 20K paying about half to taxes leaving $48K in my IRA. Will I lose anything when I transfer from 401 K to IRA and then Can I imediatly withdraw the money i need say 20K from the IRA i just set up.
2006-08-25
13:31:12
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4 answers
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asked by
Anonymous
in
Careers & Employment