How do you withdraw money from a 401k?

Answer by  Alluzion (84)

You simply need to contact the financial institution who holds the money. However, if you are withdrawing money before you are 59 1/2, you will generally pay early withdrawal penalties.

Answer by  tamarawilhite (17883)

You can contact the investment firm that manages the 401K. You can either take out a loan, that must be repaid if you lose your job. Or you can perform a withdrawal, which is subject to income taxes and a 10% penalty if you are under 59 1/2. If over 59 1/2, only income taxes are owed.