# Penalties



## J&J (Oct 29, 2008)

Does anyone know what are the penalties to pulling money out of a 401K or 403B retirement account? Mine is with Fidelity.

Thanks,

John


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## Publius (Nov 27, 2008)

J&J said:


> Does anyone know what are the penalties to pulling money out of a 401K or 403B retirement account? Mine is with Fidelity.
> 
> Thanks,
> 
> John


Not being a financial adviser, I do know that the IRS will want 10% as a penalty and whatever tax bracket the amount takes you to, the taxes on that. I did it after I left a job and wow it stung, but on the other hand my employer was matching 1 to 1, so it wasn't all my money that was put in, if you will.


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## dilligaf (Oct 17, 2008)

yep. i just got mine.. you can figure 30 to 40% of it being ate up in taxes and penalties..


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