How do I go about withdrawing money from my 401k?

Question

I've been jobless for quite a while now, and I'm gonna be going out of country for several month. Last time I checked I only had 1,500 in my 401k. So thats not really a big deal to me to leave in there.

Answer 1

You will loose 10% in penalty and they will hold 20% for the irs.....so you will get 1050.00.  Do what you want

Answer 2

OK, but if you withdraw that money, you're going to have to pay $150 penalty, plus you'll have to count that $1500 as income for this year when you go to pay your taxes. So your net profit from closing out the account won't be as much as you hope.

On the other hand, if you leave it where it is, the interest will continue to accumulate, and years from now, you'll probably be glad you didn't touch it.

Answer 3

You'll be lucky to get $1,000 after taxes and penalties. Terrible decision. Call them up and they'll send you the money after Uncle Sam takes his take. Good luck.