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401k Tax info

Joined
Nov 21, 2011
Messages
15
For anyone who has withdrawn money from their 401k...

Have you received your 1099-R statement yet? I have been waiting so I can finish my taxes, and that's the only thing I'm waiting on. I tried checking the website and even emailed TMSC, but haven't gotten a reply. Any other ideas?
 
Joined
Jun 17, 2011
Messages
698
You should have gotten it by now,I would call them,sorry I do not have the # but should be easy to get.
 

nib

Joined
Jan 31, 2012
Messages
461
Sorry for the mis-information you've been given, 1099's are sent to employees by the TBC Target Benefit Centers 401k's department 800-828-5850 good luck!
For anyone who has withdrawn money from their 401k...

Have you received your 1099-R statement yet? I have been waiting so I can finish my taxes, and that's the only thing I'm waiting on. I tried checking the website and even emailed TMSC, but haven't gotten a reply. Any other ideas?
 
Joined
Jan 1, 2012
Messages
247
Do you know the penalty for withdrawing your 401k early? I have an "After-tax" 401k set up with Target (idk why it's not called a ROTH) and I plan on withdrawing within 5-10 years.. before age 30. I'm already paying taxes on it since it's not the "Before-tax" option so I'm curious what the penalty will be. I heard it's a 10% tax or something
 
Joined
Jun 17, 2011
Messages
384
The general rule for removing money from a 401k: "If you withdraw money from your 401(K) before the age of 59.5, you will be required to pay tax and a 10% penalty fine to the IRS." So if you are paying tax BEFORE the money goes in, and you withdraw the funds before age 59.5, you will still have a 10% penalty you will have to pay.
 
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