2006-10-17 05:49:18 · 8 answers · asked by Jeff M 1 in Business & Finance ➔ Personal Finance
Yes, of course, however, you will have to pay a penalty (if under 55) and then add the interest earned on your income taxes.
2006-10-17 06:21:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
if you are under 59 1/2 years old and you cash it out, the company will take a 20% penaly off the top AND tax you at the highest tax rate possible.
You can take up to $10K without penalty (you still have to pay the taxes) in certain situations, such as for a first time home purchase, the education of a dependent, the care of a parent, etc. Contact the company that maintains the account for you and they can tell you the rules and proper ways to prove you are using the money appropriately.
2006-10-17 13:20:29 · answer #2 · answered by PSD 3 · 0⤊ 0⤋
Yes
2006-10-17 12:56:48 · answer #3 · answered by super.sweep 3 · 0⤊ 0⤋
If you are disabled, maybe, at 59-1/2 if you plan to retire later.
2006-10-17 13:21:39 · answer #4 · answered by cawillms 3 · 0⤊ 0⤋
there are no penalties if you are 591/2 years of age or older other wise you can cash it but you will pay a tax penalty.
2006-10-17 13:00:20 · answer #5 · answered by norsmen 5 · 0⤊ 0⤋
yes but be prepared for a 50% tax bill on the withdrawal
2006-10-17 13:14:11 · answer #6 · answered by golferwhoworks 7 · 0⤊ 0⤋
Yes but there are penalties involved
2006-10-17 12:55:47 · answer #7 · answered by Eye of Innocence 7 · 0⤊ 0⤋
no it aint
2006-10-17 12:57:01 · answer #8 · answered by Anonymous · 0⤊ 0⤋