http://www.mobilemerchantaccount.net/unemployedwithdraw-from-401k The Best In Telephone Credit Card Processing Fri, 10 Feb 2012 22:25:39 +0000 http://wordpress.org/?v=2.7.1 hourly 1 http://www.mobilemerchantaccount.net/unemployedwithdraw-from-401k/comment-page-1#comment-1212 Janet Tue, 16 Mar 2010 21:44:06 +0000 http://www.mobilemerchantaccount.net/unemployedwithdraw-from-401k#comment-1212 If you are younger than 591/2 years old, and when you withdraw from 401K, 10% of the withdrawn amount must be paid as penalty. The rest, you have to pay tax on it. If you don't have much income this year, this may not be a problem. Don't take the money out, if you can manage. I would recommend you convert your 401K to Roth IRA this year. This will allow you the pay tax on the gained part of your 401K now, and enjoy tax free growth in Roth IRA later. If you are younger than 591/2 years old, and when you withdraw from 401K, 10% of the withdrawn amount must be paid as penalty. The rest, you have to pay tax on it. If you don’t have much income this year, this may not be a problem.
Don’t take the money out, if you can manage. I would recommend you convert your 401K to Roth IRA this year. This will allow you the pay tax on the gained part of your 401K now, and enjoy tax free growth in Roth IRA later.

]]> http://www.mobilemerchantaccount.net/unemployedwithdraw-from-401k/comment-page-1#comment-1213 Harry Ball Tue, 16 Mar 2010 21:44:06 +0000 http://www.mobilemerchantaccount.net/unemployedwithdraw-from-401k#comment-1213 If you draw from your 401K early, the gub'ment is going to take 40% right off the top. So that 3k becomes $1800. I'd avoid it at all costs if I were you. If you draw from your 401K early, the gub’ment is going to take 40% right off the top. So that 3k becomes $1800. I’d avoid it at all costs if I were you.

]]> http://www.mobilemerchantaccount.net/unemployedwithdraw-from-401k/comment-page-1#comment-1214 William Tue, 16 Mar 2010 21:44:06 +0000 http://www.mobilemerchantaccount.net/unemployedwithdraw-from-401k#comment-1214 No, you should not. What about unemployment compensation? If you're not paying for rent or food, unemployment should be more than enough to live on. No, you should not. What about unemployment compensation? If you’re not paying for rent or food, unemployment should be more than enough to live on.

]]> http://www.mobilemerchantaccount.net/unemployedwithdraw-from-401k/comment-page-1#comment-1215 Age of Reason Tue, 16 Mar 2010 21:44:06 +0000 http://www.mobilemerchantaccount.net/unemployedwithdraw-from-401k#comment-1215 Of the 3k $900 is withheld for taxes and penalty. You then also owe your state Not worth it Use your unemployment checks Of the 3k $900 is withheld for taxes and penalty. You then also owe your state
Not worth it Use your unemployment checks

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