How do I cash out my 401k if I have not quit my current employer?

I was told you have to quit your job to cash out. I only want to this because my company has experienced nothing but trouble with ADP. Is there a way to cash out just tranfer it to my bank account. I%26#039;m aware of the tax issues but as many times as my paycheck has been off lately -its like my 401k its stealing all my money. My payroll admin does it manually for my paycheck now but sometimes the ADP system manually over rides that so at this point I%26#039;m getting frusterated . I want the moneny but I don%26#039;t want to quit my job or get a %26quot;hardship%26quot; loan from my 401k to do it.

How do I cash out my 401k if I have not quit my current employer?heart rate

What you might do is visit Edward Jones (financial company) to consult with the people there. It won%26#039;t hurt and you will get some really helpful advice.

How do I cash out my 401k if I have not quit my current employer? loan

You Probably can%26#039;t, borrow against it and put it in savings|||I would suggest finding a good personal finance advisor and find out if it is possible to roll your 401k over into a personal retirement account.

You mentioned that you considered the tax issues, but be sure you are very, very clear what all the penalties are. I%26#039;ve coached several clients who did what you are going to do, and they got hammered at tax time.|||contact your human resoucres dept. as far as i know you have to be buying your first house or your kids need college money or something similar. otherwise as far as i know you cant cash iti out.|||Can%26#039;t you op out of it.IF you don%26#039;t want to stay

in,legal they hafto let you out.

Ask your supervisor if he dosent give you the wright answerer,go and see a lawyer.

401 people don%26#039;t want you to quit investing.

If you see a lawyer you probably will loose your job

an way.

401 PEOPLE ARE INVESTMENT GROUPS.

They can loose your money if invested badly.|||you will lose so much more cashing out now. that is pre-tax money and you will get hammered, it isn%26#039;t worth it, look at other ways to diversify but cashing out is not good|||You were told correctly - you can%26#039;t cash out your 401K without leaving your job, and even then if you don%26#039;t roll it over you%26#039;ll pay tax on the withdrawal, plus a 10% penalty if you are under 59-1/2. You can stop contributing to it though.

If you could get a loan, you%26#039;d have to pay it back - and if they are than messed up with their record-keeping, I%26#039;d worry about whether they%26#039;d handle the payback very well.

In any case, keep all of your checkstubs, and keep your own records so you can check theirs.|||First, ask your HR department for a copy of the Summary Plan Document, then read it. Hundreds of companies in the US have 401(k) plans that allow %26quot; in-service distributions%26quot;, which is what you are asking to do. The Summary Plan Document will tell you if you can do this. Or, your HR department should be able to tell you, if you don%26#039;t mind asking them.

Find a Certified Financial Planner that you trust to help you review your options; you will have to pay regular income tax plus a 10% penalty in most circumstances.|||If your company was taking more in 401k deferrels then you actually elected then that money can be backed out as an error. In fact, it HAS to be backed out.

By this I mean if you elected to take 6% in deferrals and they actually took out 16% then your company and ADP are legally obligated to get that excess out. Talk to your payroll admin and have them back it out. They can do an negative election and reverse the payment.

If you actually made the mistake and elected to have too much put in then there%26#039;s not much you can do about it. Simply change your election to zero and wait until you get back on your feet and start over. It%26#039;s not worth taking a loan and you can%26#039;t take a withdrawal unless you have a hardship...ie getting evicted or foreclosed and it%26#039;s not worth getting there if you can avoid that.