Posted on: 01st Feb, 2012 02:10 am
I was told by someone that you cannot withdraw money from your 401k because it will show as gift money. Is that true?
Hi ADH,
The 401k is your own money. You have all the rights to withdraw money from the 401k account. It won't be considered as a gift amount.
Take care
The 401k is your own money. You have all the rights to withdraw money from the 401k account. It won't be considered as a gift amount.
Take care
Hi ADH!
Welcome to forums!
I agree with what Sara has said. 401k is your own money which you have kept aside for your retirement. If you withdraw that money for some reason, you may have to pay a penalty but it would never be considered as a gift.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what Sara has said. 401k is your own money which you have kept aside for your retirement. If you withdraw that money for some reason, you may have to pay a penalty but it would never be considered as a gift.
Feel free to ask if you've further queries.
Sussane
I surmise that the best source for information on withdrawals from your 401(K) account would be the administrator of that investment. Read your materials, and find out who you need to speak with, and then speak with that person rather than getting opinions from the public at large.
