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I want to cash my 401k in an I'm nowhere near retirement, how do I got about this? Im currently unemployed also.

By Znicest Asked Aug 14 2009 10:17AM
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Top Answer out of 4

by qwerty on Aug 14, 2009 at 10:22 am Permalink

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you should contact the plan administrators
as I said in your other Q
you will lose at leat 30% of vested value
20% to taxes and 10% to the IRS for early withdrawl penelaties
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Avatar Znicest Aug, 14 2009 at 10:31 AM
how do I find out who is my plan administrators
Avatar qwerty Aug, 14 2009 at 10:47 AM
you should get statements monthly or quaterly in the mail
if not contact ur former employer
Avatar Znicest Aug, 14 2009 at 10:59 AM
oh yes your right, i know what you mean now

Answer 2 out of 4

by Rinky Dinky Do on Aug 14, 2009 at 10:23 am Permalink

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Fork over the taxes plus a penalty to the government (about 40% of what you've saved) and if there's anything left, it'll be yours. Also, be ready for a big fight cause I hear that the plan administrators are refusing to do it
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Avatar Znicest Aug, 14 2009 at 10:28 AM
but how
Avatar Rinky Dinky Do Aug, 14 2009 at 11:18 AM
How what?

Answer 3 out of 4

by boogysplit on Aug 14, 2009 at 10:21 am Permalink

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usually your old employer will send the correct paperwork to you automatically. but I must warn you, there is a close to 60% penalty to cash out....the IRS will feed ya the biggest slice of dick pie on that one bud....good luck...oh, if your old employer doesnt send the stuff to you, just get ahold of the HR department, they should be able to help ya.
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Avatar Znicest Aug, 14 2009 at 10:33 AM
lmao
Avatar boogysplit Aug, 14 2009 at 10:36 AM
I know it sounds funny...but you wont be laughin when you get that check.lol have a good one.

Answer 4 out of 4

by - alluseek wants to on Aug 14, 2009 at 10:21 am Permalink

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i'd think you'd get penalized fairly heavily for early withdrawal. Are you sure about this?
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Avatar Znicest Aug, 14 2009 at 10:31 AM
yes i know but i need it


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