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June 6, 2019
Question

If I withdrew 401k is it a Lump sum retirement credit

  • June 6, 2019
  • 1 reply
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If I withdrew my 401k is it considered a lump sum credit?

1 reply

June 6, 2019

There are two separate lump sum credits. One, the "Lump Sum Distribution Credit is only for people over 64 and you must have taken out everything in the company plan  and you must have left the company.

 The other, the Lump Sum Retirement Credit, is for any age but you must have actually retired from your company, and taken your entire account as a lump sum.