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P
Pattygems
March 4, 2020
Question

If you take money from 401(k) due to loosing a job and you are 59, do you still pay tax

  • March 4, 2020
  • 1 reply
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1 reply

M
MinhT1
March 4, 2020

If you lose your job after age 55, you can have an exception to the early withdrawal penalty of 10% when withdrawing from your 401(k) before age 59 1/2. However, the withdrawal amount is subject to income tax.

 

Please read this IRS document for more information.

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