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Retirement tax questions
Generally, anyone can make an early withdrawal from 401(k) plans at any time and for any reason. However, these distributions typically count as taxable income. If you're under the age of 59½, you typically have to pay a 10% penalty on the amount withdrawn. Most states tax your withdrawals also.
Use the link below for additional information about early withdrawals from a 401k:
Understanding the Consequences of an Early Withdrawal From 401k
[Edited: 1/26/22 1:09PST]
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January 26, 2022
12:18 PM