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They are getting hammered with calls - please help out!
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 406397" data-attributes="member: 12570"><p>20% Federal tax penalty and you have to declare it as income on your tax return. We are also limited as to situations in which we can cash out our 401k(s). I checked mine this morning and it is down $2K from yesterday. </p><p> </p><p>Losses (or gains) are only paper losses (or gains) until such time as you begin to access your 401k.</p><p> </p><p>I still believe that this thing will turn around and turn around in a huge way. </p><p> </p><p>705red, it is your money and I can understand why you don't want to see it go down the drain as I know how hard you have worked for it.</p><p> </p><p>As for me, I am leaving my 401k alone and hope that Congress comes to its senses and passes a more appropriate bailout bill.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 406397, member: 12570"] 20% Federal tax penalty and you have to declare it as income on your tax return. We are also limited as to situations in which we can cash out our 401k(s). I checked mine this morning and it is down $2K from yesterday. Losses (or gains) are only paper losses (or gains) until such time as you begin to access your 401k. I still believe that this thing will turn around and turn around in a huge way. 705red, it is your money and I can understand why you don't want to see it go down the drain as I know how hard you have worked for it. As for me, I am leaving my 401k alone and hope that Congress comes to its senses and passes a more appropriate bailout bill. [/QUOTE]
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They are getting hammered with calls - please help out!
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