Penalties

Discussion in 'Money, Investing & Precious Metals' started by J&J, Nov 25, 2008.

  1. J&J

    J&J Member

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    Does anyone know what are the penalties to pulling money out of a 401K or 403B retirement account? Mine is with Fidelity.

    Thanks,

    John
     
  2. Publius

    Publius Member

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    Not being a financial adviser, I do know that the IRS will want 10% as a penalty and whatever tax bracket the amount takes you to, the taxes on that. I did it after I left a job and wow it stung, but on the other hand my employer was matching 1 to 1, so it wasn't all my money that was put in, if you will.
     

  3. dilligaf

    dilligaf Well-Known Member

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    yep. i just got mine.. you can figure 30 to 40% of it being ate up in taxes and penalties..