2006-08-27 15:49:07 · 4 answers · asked by coolce 1 in Business & Finance ➔ Investing
if your under the retirement age you will get hit with 20% tax when you get the check and 10% at the end of the year. i just did this and it took about 6 weeks all together, but it can be longer... if your still employeed there they may not let you do it.. mine was a previous employer
2006-08-27 15:54:19 · answer #1 · answered by mixershaun 3 · 1⤊ 0⤋
Sorry, you can't stop your 401k at work until you quit the job. You can stop contributing to it. If you withdraw money from your 401k before age 59 1/2, there will be a 10% tax on it.
2006-08-27 22:54:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends on who the money is invested with. Just make sure that you hold out about 40% for the taxes you are going to have to pay on it.
2006-08-27 22:56:24 · answer #3 · answered by CK 2 · 0⤊ 0⤋
Please do not do foolish thing, you hand Uncle Same from 30% to 40% of your money. That money for your retirement, Please do not do it
2006-08-28 00:36:09 · answer #4 · answered by Hoa N 6 · 1⤊ 0⤋