Archived 401k Tax info

[tgtgrl4life]

For anyone who has withdrawn money from their 401k...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?

 

[tgtfla]

You should have gotten it by now,I would call them,sorry I do not have the # but should be easy to get.

 

[Hardlinesmaster]

Here is the number for tmsc: 800-394-1885

 

[nib]

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For anyone who has withdrawn money from their 401k...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?

 

[tgtgrl4life]

Thanks for the responses!

 

[nib]

anytime! best of luck! =)

Thanks for the responses!

 

[SeniorAP]

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

 

[bikebryan]

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.