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UPS Discussions
Taking money out of 401k
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 299344" data-attributes="member: 12570"><p>My best advice is for you not to touch your 401K. You will most likely not qualify for a loan as loans are provided only for certain situations (school, medical, foreclosure). A withdrawal would have to include a 10% penalty and Fed tax at 20%, so you would only net just over $700 out of the $1000 you are requesting. My advice to you is to seek alternative means to get this money (credit card advance, pay day loan, RAL on your tax refund ) as you most likely will not be able to touch your 401k for this money.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 299344, member: 12570"] My best advice is for you not to touch your 401K. You will most likely not qualify for a loan as loans are provided only for certain situations (school, medical, foreclosure). A withdrawal would have to include a 10% penalty and Fed tax at 20%, so you would only net just over $700 out of the $1000 you are requesting. My advice to you is to seek alternative means to get this money (credit card advance, pay day loan, RAL on your tax refund ) as you most likely will not be able to touch your 401k for this money. [/QUOTE]
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Taking money out of 401k
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