From: "Lisa K.V. Perry" <lisakvperry AT gmail.com>
To: homestead AT lists.ibiblio.org
Subject: Re: [Homestead] Take cash from bank / Roubini
Date: Tue, 16 Sep 2008 09:39:01 -0400
On Mon, Sep 15, 2008 at 9:16 PM, bob ford <bobford79 AT yahoo.com> wrote:
> My only suggestion would be to remember than you will pay a lot of
> additional taxes and penalties by cashing out early from your 401K. You
> could end up losing up to Half.
I believe after normal Fed & state taxes the penalty for early withdrawal on
a 401k is 10%. The 401k company can tell you, call the 800 line and ask the
rep that answers.