Jonathan W. asked
I need to move my 401k account due to my employer merging with another company. I am considering cashing it out for a down payment on a house and to pay some bills. I am 55 years old, married filing jointly, and my husband is on disability. My income is around $35,000 to $37,000, and my husband's income is about $10,000 to $11,000. How will cashing out my 401k affect my taxes, and is there any way to avoid the 10% early withdrawal penalty?
December 8th, 2024
Javier M. answered
Cashing out your 401k before the age of 59 1/2 generally results in the distributed amount being inc...
December 8th, 2024
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