Posted By: Sara on 2008-10-01
In Reply to: 401K what to do? - MOMMT

Not only that, but to cash it out you have a penalty...so say you cash out $5,000...after penalties and all that, you will get a bit over $3,000 I believe. Just know if you cash it out, you will have to claim it as income on your taxes and pay a really high tax amount on it.....

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