how can get my 401k out?

Question

i want to know how fast i can get it and how long it will take and how much the taxes will be

Answer 1

If there is anyway to avoid doing this I would recommend that you don't.
Depending on the amount that is in your 401k, I would advise you to roll it over, or only borrow against it.
You will have your regular tax that was deferred by placing it into the 401k, then you will be penalized...
Depending on your total taxable amount of income for 2007, you possibly can get a loan from a loan shark and come out better.....

Good luck & see a professional

Answer 2

As others mentioned the speed of cashing out your 401K depending on the company who is administering the program. In my experience, it takes 3-4 weeks. They usually automatically withhold 10% for federal income tax. However, you may be paying more taxes next spring depending on how much your total income is for the year. The 401K is taxed as ordinary income just like your paycheck.

You will also pay a 10% if you haven't reached your retirement age yet. However, if you withdraw the money for education, purchasing a new home, medical care and a number of other reasons you might be able to avoid the 10% penalty.

Your employer and 401k administrator might allow you to borrow against your 401k (for example, purchase a home). You might want to check into that before cashing out which is best to avoid if possible.

Best wishes.

Answer 3

You may not even be able to do that. If you are still with the company, the plan administrator does NOT have to allow you to just empty the account. If they refuse your request, there's nothing that you can do about it.

If you are no longer employed, the plan administrator will advise you how to proceed on rolling over the balance or taking a distribution.

If you take a distro, the entire amount is fully taxable as ordinary income. If you are under age 59 1/2 there is an additional 10% penalty tax unless you are totally and permanently disabled or are using the proceeds to pay medical expenses that exceed 7.5% of your AGI.

Answer 4

Why don't you just take out a 401k loan? Then you won't have to pay a bunch of penalties and they will just take small monthly deductions out of your paycheck until it is paid back. We have done a loan several times before---you have to call customer service of that company and check with them to see how much of a loan you will qualify for and set it up that way. Usually they can cut a check pretty quick---probably within a week once it is approved. Or you can pay a little extra and have them FedX it to you so you get it quicker. I think one time it only took about 10 days from the time we set up the loan until the time we actually received the check in the mail. That's the only way I know of not to have your $$ taxed, or not to have to pay an additional 10% withdrawal fee to the gov't.

Answer 5

Depends on your employer, but you could probably get it within a week or two - ask them. Taxes on withdrawals will be as ordinary income, plus a penalty of 10% of the amount withdrawn if you're under age 59-1/2.

Answer 6

You need to ask your employer how fast you can get it. If you have $10,000 in 401k, your estimated taxes would be $1,000 if filing single, plus you will also be taxed on your state taxes. You will also subject for penalty (10% on federal and some % on your state too). I don't know what state you're in so I can't tell the % penalty on your state. If you're in CA, that would 2.5%.

You can borrow your 401k without facing tax and penalty consequences if you return it within 60 days.