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Tax Question
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<blockquote data-quote="dannyboy" data-source="post: 684278" data-attributes="member: 484"><p>you must use up or put the money where you intend within the year you withdraw it, other wise, the 10% penalty will apply.</p><p> </p><p>if you withdraw it, and intend to roll it over into an ira, you must do it within that tax year i believe, or within a calendar year otherwise you get to pay taxes.</p><p> </p><p>usually they have to with hold the tax, plus income tax on the distribution if it is sent to you, so that hurts like heck if you are trying to roll it over. because its like 50%.</p><p> </p><p>d</p></blockquote><p></p>
[QUOTE="dannyboy, post: 684278, member: 484"] you must use up or put the money where you intend within the year you withdraw it, other wise, the 10% penalty will apply. if you withdraw it, and intend to roll it over into an ira, you must do it within that tax year i believe, or within a calendar year otherwise you get to pay taxes. usually they have to with hold the tax, plus income tax on the distribution if it is sent to you, so that hurts like heck if you are trying to roll it over. because its like 50%. d [/QUOTE]
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