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I plan to take money from my 401k for medical expenses. Will I and how will I be penalized?
5 Answers
- LolittaLv 710 years ago
It all depends on your company's rules. But you will have to pay taxes on the amount you withdrawal, unless you take the money as a loan. In that case you will not be penalized, or have to pay taxes. I suggest you talk to your benefits department and see which option is best for you.
- Anonymous10 years ago
You get penalized a substantial percentage if you withdraw money early.
- 10 years ago
in addition to Horace's answer, it has to be reported as income at tax time, and that means IRS will get close to half of it back.
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