Should I Close My 401k & Withdraw Retirement Savings
                     Can I Cancel 
My 401k and 
Get My Money?
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What Happens To 
Your 401k When You 
Quit Or Fired?
Are you considering dipping 
into your 401(k) to cover 
some unexpected expenses? 
While it may seem like an 
easy solution, there are 
important tax implications 
that come with withdrawing 
funds from your retirement 
account. 
What is the Difference Betwee
n Form 8938 and FBAR?
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How to Withdraw 
Money from Your 
401(k) Early
When it comes time to retire, 
you will have several options 
for withdrawing money from 
your 401(k). You can take a 
lump sum distribution, which 
is taxed as ordinary income. 
Or, you can elect to have your 
distributions spread out over 
a period of years.
Read also: 
Calculate IRS Penalties and In
terest Rates
In general, you can withdraw the funds from 
your 401(k) account, but there may be 
significant tax consequences and penalties for 
doing so. If you are still employed by the 
company that sponsors your 401k, you may 
not be eligible to withdraw the funds without 
penalty until you reach age 59 1/2, or until you 
experience a qualifying event such as a 
hardship withdrawal or separation from 
service.
Write Off a Customer Bad Debt in Sage
 50
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