If I worked for UPS for about 2 yrs, am I allowed to get my 401k if I need the money? Is this possible??
2007-12-06 09:00:14 · 5 answers · asked by Iris 1 in Business & Finance ➔ Personal Finance
You can get the money but you would have to pay a 10% penalty if you are younger then 59 1/2 plus regular income tax on the funds.
2007-12-06 09:05:11 · answer #1 · answered by doglover 5 · 1⤊ 0⤋
If you yank out the money, you will pay a 10% penalty plus it will be taxed as ordinary income, so you'll lose 35-40% of it. You can roll it over into an IRA without any cost.
2007-12-06 10:07:46 · answer #2 · answered by Anonymous · 1⤊ 0⤋
yea u can get your 401k but u would have to pay a 10% penalty plus it wouldnt be a good idea in my oppion.
2007-12-06 09:08:32 · answer #3 · answered by Patrick 3 · 1⤊ 0⤋
Your contribution, yes.
The vested portion of theirs yes.
Beware. Unless you roll it over into another similar plan, someone else's 401, IRA, etc/. there are tax consequences. Any banker or ins agent will explain it to you.
If you just left UPS, you will probably be receiving that information shortly. you couldcall HR to see how long it takes.
2007-12-06 10:09:23 · answer #4 · answered by TedEx 7 · 1⤊ 0⤋
i believe so but you may have to pay a penalty if you get another job you can roll it over into that one also
2007-12-06 09:04:16 · answer #5 · answered by salgal 2 · 1⤊ 0⤋