Liquidating my 401k

Taking the money and putting it in your pocket will cause the IRS to sock you with taxes and penalties.However, if you roll the money over to another 401(k) or to your own individual retirement account, you can keep it working for you and not owe any taxes on it.In addition, some plans only permit loans for certain reasons (such as the purchase of a home or to prevent eviction, to pay medical expenses, to pay for education expenses, etc.).

For instance, you could pull ,000 out of your 401(k) and only end up with

For instance, you could pull $2,000 out of your 401(k) and only end up with $1,400.

Allowed reasons include paying medical expenses that are more than 10 percent of your adjusted gross income and having the IRS take money out of the account through a levy to pay off back taxes.

Ultimately, if you're in financial trouble, a 401(k) hardship withdrawal might be the only way that you can tap into the money you need to get out of it.

Setting the rollover up as a direct one, where the money goes from account to account without you ever touching it, makes the whole process much easier.

However, there are times that you might have to tap into your 401(k) and give up those benefits. This means that you put money in tax-free now so that you have more money working for you later.

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For instance, you could pull $2,000 out of your 401(k) and only end up with $1,400.Allowed reasons include paying medical expenses that are more than 10 percent of your adjusted gross income and having the IRS take money out of the account through a levy to pay off back taxes.Ultimately, if you're in financial trouble, a 401(k) hardship withdrawal might be the only way that you can tap into the money you need to get out of it.Setting the rollover up as a direct one, where the money goes from account to account without you ever touching it, makes the whole process much easier.However, there are times that you might have to tap into your 401(k) and give up those benefits. This means that you put money in tax-free now so that you have more money working for you later.

,400.Allowed reasons include paying medical expenses that are more than 10 percent of your adjusted gross income and having the IRS take money out of the account through a levy to pay off back taxes.Ultimately, if you're in financial trouble, a 401(k) hardship withdrawal might be the only way that you can tap into the money you need to get out of it.Setting the rollover up as a direct one, where the money goes from account to account without you ever touching it, makes the whole process much easier.However, there are times that you might have to tap into your 401(k) and give up those benefits. This means that you put money in tax-free now so that you have more money working for you later.

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