I have aske to cash out at least a portion of my 401k but they tell me I cant as long as i work for the complay and that we dont have a loan policy. it is my money there must be a way.
2007-09-05 08:52:35 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
You can apply for a hardship withdrawal, if available and if you qualify.
Check with your plan administrator to see if you have that option and what the requirements may be.
2007-09-05 08:56:56 · answer #1 · answered by christyn79 5 · 0⤊ 0⤋
no but if your amount was not too great you could always stop putting in money to the 401k and use this money to pay off a loan that you take out from the local bank!!! tax wise you would be better doing this any way but get back to putting money into the 401K asap!!!
2007-09-05 16:10:26 · answer #2 · answered by mister ed 7 · 0⤊ 0⤋
You cannot withdraw money unless it is for one of the hardship plans allowed by law. It will cost you the tax plus penalty if you do that. Since you do not have a loan plan with your plan, you cannot take out a loan from your 401k.
2007-09-05 16:00:59 · answer #3 · answered by hirebookkeeper 6 · 0⤊ 0⤋
Nope, not without quitting, if their plan does not include the ability to take a loan or a partial distribution.
It's your money, yes, but you voluntarily set it aside under certain rules, the rules of the 401k plan.
2007-09-05 16:03:10 · answer #4 · answered by Judy 7 · 0⤊ 0⤋