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The Water Cooler
General Discussion
New job, rollover vs cashing out?
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<blockquote data-quote="bashed1" data-source="post: 1473706" data-attributes="member: 8612"><p>You're aware that if you cash out your 401(K) as opposed to rolling it over into a like investment you'll pay the Feds a 10% penalty of what you cash out, and the entire amount will be considered taxable income in the year you cash it out? I'm not aware of any instrument you could invest it in that would allow you to withdraw it in 3 years penalty-free, either; but I'm not a professional tax consultant - I suggest you visit with one before making a final decision.</p></blockquote><p></p>
[QUOTE="bashed1, post: 1473706, member: 8612"] You're aware that if you cash out your 401(K) as opposed to rolling it over into a like investment you'll pay the Feds a 10% penalty of what you cash out, and the entire amount will be considered taxable income in the year you cash it out? I'm not aware of any instrument you could invest it in that would allow you to withdraw it in 3 years penalty-free, either; but I'm not a professional tax consultant - I suggest you visit with one before making a final decision. [/QUOTE]
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New job, rollover vs cashing out?
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