401k withdrawal before age 59 1/2

Posted in the 401K Forum

donna

Flushing, NY

#1 Dec 5, 2011
i have a 401K with my union, i asked for a withdrawal from my vacation account, i received a lower amount than what i asked for since i only was able to withdtraw what was left, the check said inusffucient funds...if there is an amount from another account it will be sent to you." i found out today that the union is sending me an amount from my 401k (i think they sayd the employer portion of the account), i was told that if i return the check i dont have any liability, but from what i read, it seems once the withdrawal is made the tax penalty kicks in, i am not 59 1/2 so what is the truth, is it already a liability by the check being cut or do i have to cash it and can it be returned? thanks
Maurice B

Los Angeles, CA

#2 Dec 12, 2011
I believe once the money has been taken it can not be returned. I have a great financial ad-visor that helped me with a similar challenge. Email me if you what more information there in your area. They should have informed you of all those things, I hope everything gets worked out. mauricebuckner@yahoo.com

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