Cash out 401KQuestion HELP...?

I have a little over $1200 in a 401K from my previous job. I never rollled it over to my current job that I started in May 2006, mainly because you have to be employed for 2 yrs before they move it to an E-trade account for you.

My problem is this: I need to cash out the account asap due to an emergency but I don%26#039;t know how soon I can get it- and if that withdrawal would be separate from what has been deducted from my current job. Please help. I want to inquire about this at work asap but I don%26#039;t want to go into it blindly.

I know EVERYONE advises not to touch that money and I am fully aware of the 10% tax that will be taken from it- but I still need the money right away. Any advise would be greatly appreaciated. What questions do I ask when I do approach them. Do I just call my rep and say I want to close the account?

Cash out 401KQuestion HELP...?refinancing

If you need the money, you need the money -- it%26#039;s your money. You said the 401(k) is still with your previous employer%26#039;s plan, meaning it is still with the previous plan administrator.

Call the customer service number from your previous 401(k), and say you still have a balance there and you want a full withdrawal by check. That%26#039;s all there is to it. They mail you the check. April of next year your taxes will be slightly complicated but its no big deal. You%26#039;ll owe 10% plus whatever your marginal tax rate is (10% or 25% etc) for this year, on the withdrawal.

They will NOT withhold any money, because for all they know you are simply indirectly rolling over into an IRA (that is one method to do a rollover: you receive the check and then within 60 days deposit the finds into an IRA). You just need to evaluate your need for liquidity now, versus the opportunity cost of not leaving that money invested, and the hit on your taxes a year from now. It%26#039;s not a good habit to get into ... but in the overall scheme of things $1200 is no big deal.

You don%26#039;t need to ask questions or explain anything. Call their 401k number and tell them you quit that previous job and you now want to take a distribution by check of your 401k balance. Period. They will not withhold any taxes, and anything else is none of their business.

Cash out 401KQuestion HELP...?

loan

If the money is in the old jobs plan your term of employment is reason enough to have the money given to you.|||They will deduct about 30% for taxes and penalty from that check.

The 10% penalty is for early withdrawl. You have to pay income taxes on the whole amount and that will be about another 20%.|||Don%26#039;t do it!!!!

First of all you will get a 10% penalty and then they will deduct taxes from it - could be an additional 27%. You will ony get back about $780.00 and you will have wasted all the potential growth of your savings and paid a penalty. Go to suzeorman.com and read about 401K withdrawals. You don%26#039;t have to wait 2 years for your new company to move it for you, go online yourself to a brokerage company like TD Ameritrade or Fidelity and roll it into an IRA - so easy to do. You can call them if you need help - they want your money, they will make it easy to do.

IF you need the money for a true emergency, why don%26#039;t you just contribute less of a percentage for a short time to your new 401K and use that difference for the emergency - then make up the difference in a few months by increasing your 401K percentage. Read the book Young Broke and Fabulous - it is soooooooo informative about 401k%26#039;s and all things financial - and so easy to read. Good Luck!!!|||$1,200 less::

10% penalty = $120

24% (guessing your tax bracket) $312

net available for emergency: $768....

That%26#039;s a 34% gift to the government......the democratics thank you.