Am I allowed to withdraw a portion of my 401k?

Answer by  tamarawilhite (17883)

You are allowed to pull part or all of your 401K. However, on top of having to pay income taxes at your current rate, you will owe a 10% penalty to the IRS.

Answer by  workingwoman11 (195)

Some 401k's allow you to withdraw portions of your money. The catch is that you have to make payments like its a loan till you put the money back.

Answer by  John (9008)

You can withdraw part of your 401k, but there are severe tax penalties for doing so. Often, it is better to borrow from it.

Answer by  Jason41 (229)

Check your company's policy first. You should be able to withdraw funds. They usually take 33% taxes of the amount you withdraw then will send you a 1099.