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Anyone who has quit MQ - 401K question

Posted: Mar 15, 2010

Just curious how long it took to get your 401K. I'm thinking about quitting, taking the penalty for cashing in the 401K and living on the rest while I look for a new job. Probably not the best strategy, but this FTR thing is really making me crazy. TIA

401K - Anonymous

[ In Reply To ..]
I don't work for Medquist so I can't address how long it will take to get your funds. If you take a lump sum distribution before you are 59-1/2 you are going to get hit with taxes plus a 20% penalty. I can understand needing the money, but maybe you could figure out how much monthly income you will need (can you draw unemployment?) and have it paid out to you a little at a time, only until you find another job, and then roll the rest over into an IRA or your new company's 401K.

i thought it was 10% early withdraw penalty - nm

[ In Reply To ..]
x

401K - Anonymous

[ In Reply To ..]
It probably depends on your plan and maybe the state where you reside, I know that it is 20% with my company's plan, you might need to check on that. Either way, you're going to be taxed. You can probably also do some on-line searches regarding the 401K laws.

401K - mrs.krabs

[ In Reply To ..]
I cashed out when quitting a job in the mid 90s and it was 30% taxes, seems it was 20% for something and 10% for something else. I cashed out because it wasn't but a few thousand in the account.

401k - NorCalMT

[ In Reply To ..]
Rolled mine to an IRA account, did not cash out; therefore, no penalty.

Yes, I took my 401k out/stocks through MQ. - Needed the money.

[ In Reply To ..]
It was about a year and a half ago. Back in the fall when the banks collapsed and Obama and McCain running for president. We were worried about my husband's job and we wanted him to finish his schooling.

All I had to do was call a 1-800 number that was on my 401k statements and I think it was through MetLife. Never spoke to anyone. Just hit the numbes on the telephone keys when prompted. They ask if you want them to take out the taxes or not when they give you your check. I of course said yes. I wanted them to take out the 20% and I received my check all in a matter of 5-7 days. When I went to pay for my taxes that year, I was penalized 10% and thankful I had the MetLife take out the other 20% before. Also, you might get away from not having to pay 10% taxes to the IRS if you out of work and need the money for HARDSHIP WITHDRAWALS like loss of job. You might not have to pay the 20% too if you have proof of hardship withdrawals. You will have to talk to a tax professional for that advice.

Anyway, I pocketed an amount around 12,000 after taxes and for me at that time, it was worth it. Yes, that is how stupid I have been with this same company. I paid my husband's schooling. He finished. He now received a promotion, a raise and a bonus which we then just took that money and put it in an IRA account. So for us, it worked out. Also, I found out I should have rolled that money into an IRA and then I would not have had to pay a penalty and used it for schooling which I did not know about until after the fact. Cannot use 401K for schooling, but IRA you can without penalty.

Gosh, I hope this helps you out. But, yes I did it and it helped us out tremendously.

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