I want my 401k money now!!!

IESucks

Well-Known Member
so as the title states, what is the process to withdraw my 401k/Roth ira and is it even possible?

before the “it’s a bad idea” I already have other investments, and I have absolutely 0 debt besides homes that all have over 50% equity

I don’t care about penalties or taxes. Is it possible?

Like I said I’m not trying to get a loan, I want all my damn money out now. I can get way better returns than the stupid 5-10% I have been getting. Thanks in advanced!!!!
Call prudential The end
 

Tom MacDonald

Max E. Pads
If your content with 5-10% gains

Did somebody say gains?

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Faceplanted

Well-Known Member
Thanks for the help guys who helped. I appeciate it.

I will post this and leave it here

Gvt, Eng, amb, icx

I will come back to this thread in December and show all you boomers how silly you are with your silly s&p 500 gains

There are a cpl people in this thread who get it. I have a few people close to me who have made well over 6 figures in the past 2 years. Most are down about 60-80% since ath in January, but still wayyyyyyy up. I’m talking 10-20x their initial investment in 2 years or less. If you know what your doing, even when cryptos are going down you can short them using leverage and make money as well. I literally spend 1-2 hours a day doing research and watching the market. There will be tons of institutional money coming into crypto this year. If anybody follows the news they will have seen the announcements from major institutions.

There is a new industrial revolution happening right now that is information based, it all ties in to blockchain tech and iot tech.

To All the doubters......Keep wage cucking
 
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TearsInRain

IE boogeyman
Forex using leverage

Crypto currencies using leverage

Crypto currencies in general

No money in the weed game homie!!!

I highly reccomend anybody who is good with numbers and recognizing patterns, spend an hour a day researching how to make money in crypto and forex. After 2-3 months you should be able to easially see 25-100% roi each year.

Time much better spent then looking at people’s Facebook or playing mind numbing games on your phone.
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UpstateNYUPSer(Ret)

Well-Known Member
True, but you will still pay income tax on any money the contributions earned while they were in the Roth. For instance, if you put in 9,000 and it grew to 10,000, 10% of that money was earned but not taxed.

If you withdraw it all, yes, the 9k was after tax, but you'll still owe income tax on the extra $1,000.

I would talk to a planner if I were you. Assuming you can easily earn >10% "easy" is usually a fool's pursuit, and your starting chunk is going to have a tax bite taken out of it unless you lost money.

We had a driver withdraw $120K or so to buy a vacation home. She forgot to plan for the tax hit------she told me that she was doing her taxes over the weekend and was shocked when she learned that has to pay an additional $20K in tax.

I made a similar but smaller mistake last year. I withdrew $6K from my Roth IRA to pay off my son's credit cards and totally forgot about the tax implications, which came out to about $2K combined for state and federal.
 

Re-Raise

Well-Known Member
We had a driver withdraw $120K or so to buy a vacation home. She forgot to plan for the tax hit------she told me that she was doing her taxes over the weekend and was shocked when she learned that has to pay an additional $20K in tax.

I made a similar but smaller mistake last year. I withdrew $6K from my Roth IRA to pay off my son's credit cards and totally forgot about the tax implications, which came out to about $2K combined for state and federal.
Why did you have to pay taxes on the Roth withdrawal? Is there a penalty?
 

old levi's

blank space
We had a driver withdraw $120K or so to buy a vacation home. She forgot to plan for the tax hit------she told me that she was doing her taxes over the weekend and was shocked when she learned that has to pay an additional $20K in tax.

I made a similar but smaller mistake last year. I withdrew $6K from my Roth IRA to pay off my son's credit cards and totally forgot about the tax implications, which came out to about $2K combined for state and federal.


I'm curious as to why you would bail him out, on his credit card debt?
 

Mr. Sir

Box slinger
We had a driver withdraw $120K or so to buy a vacation home. She forgot to plan for the tax hit------she told me that she was doing her taxes over the weekend and was shocked when she learned that has to pay an additional $20K in tax.

I made a similar but smaller mistake last year. I withdrew $6K from my Roth IRA to pay off my son's credit cards and totally forgot about the tax implications, which came out to about $2K combined for state and federal.
Wish my parents paid off my credit cards
 
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