I want to pay off debt, and start my own business. I do not want to take out a loan.
2007-02-23 15:23:07 · 3 answers · asked by Justus 4 in Business & Finance ➔ Personal Finance
The company that is holding the 401K will take out at least 20% for withholding tax. Then when you file your tax return next year, you will owe another 10% penalty to the IRS. (These amounts may have changed since I had to cash out mine over 10 years age.)
2007-02-23 15:45:37 · answer #1 · answered by Brian G 6 · 1⤊ 0⤋
Depends on your age. You wont have a penalty if you are 59.5. If you are looking to pay off your debt have you considered talking to a financial consultant? There is an excellent company that will help you free of charge and you will be raving at the outcome.
2007-02-23 15:53:28 · answer #2 · answered by Sam 1 · 0⤊ 0⤋
SUB YES...
2007-02-23 15:38:30 · answer #3 · answered by cork 7 · 0⤊ 1⤋