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Community: Investing Wiki

Term Of The Hour

401k tax penalties: Original post by Mark Kennan of Demand Media Even if you are not yet 59 1/2 years old, if you get terminated you can cash out the money in your 401k plan. However, unless an exception applies, you have to pay not only the income taxes on the distribution, but also a 10 percent early distribution penalty. If you do not face a severe financial hardship that necessitates a distribution, consider…

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