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How do you withdraw from your 401k after age 59?

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The question should say "age 59 and 1/2 years." For whatever reason, 59.5 years is the age at which you can start withdrawing funds from your 401K without penalty. Before 59 and 1/2, the penalty for early withdrawal is 10% of the taxable amount of your withdrawal.

You can also withdraw money from your fund without the 10% penalty if you are leaving your employer when you are at least 55 or you become disabled.

If you are eligible to withdraw money from your fund then you have to pay income taxes on the withdrawal. However, you do not have to pay income taxes if the money you withdraw go into a different employer sponsored plan or an Individual Retirement Account (IRA).
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Is there an age limit on putting money in a 401K?

No, there is no age limit on putting money into a 401k. As long as you are still employed by the employer that sponsors the 401k, you are allowed to continue making tax-free c

How can you legally escape taxes if you withdraw from 401K and transfer to son?

Many plans allow employees to take http://www.answers.com/topic/loan from their 401(k) to be repaid with after-tax funds at pre-defined http://www.answers.com/topic/interest.

How much tax will be taken out from your 401k if you withdraw it all?

Mandatory 20% when you withdraw. There could also be a mandatory state tax withholding as well depending on which state you live. However, that may not be all the taxes you ow

Can you withdrawal funds from a 401k beginning at age 55 if you are retired at 55 without incurring penalties?

  First, the general advice is do not do this. Unless you have a detailed plan which enables you to have enough funds in retirement even after tapping your 401k early, do

Can you withdraw money from an 401k before retirement age?

Yes but not without paying the 10% early withdrawal penalty on the taxable amount of the distributions unless you meet one of the exception to the early withdrawal penalty. Th

Can you get pregnant at the age of 59?

  yes if you want to,that's not my decision to make.

Can you withdraw you 401k and receive unemployment benefits in Minnesota?

Pension or 401K payments: Payments from a 401K or other pension plan, will not affect your unemployment benefits if: you are subject to a penalty for early withdrawal;you rol

At what age do you have to collect from a 401k?

70.5 in most cases. If your plan adopted Pension Simplification and the employee is 70.5 and still working then the mandatory distribution is pushed back to when they retire.

How much can you expect to pay for early withdraw of a 401k?

 You are allowed to make withdrawals, for example, for certain  qualified hardships -- though you'll probably still face a 10%  early withdrawal penalty if you're under 59