Join Early Retirement Today
Thread Tools Search this Thread Display Modes
401k withdrwal
Old 10-23-2008, 06:06 PM   #1
Confused about dryer sheets
Join Date: Oct 2008
Posts: 1
401k withdrwal

55 year old man.just quit my job and withdrew my 401k money.
Had 14000 dollars in account when i took three weeks to get a check. The check was 12000 dollars,no taxes withheld.
Shouldn't i get the amount that was in there when i quit ,not what was in there 3 weeks later due to stock market decline.
CHARLTON55 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-23-2008, 06:12 PM   #2
Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 1,183
Based on when they rec'd & processed. Also, they may have held back employer cont that were not yet vested?
crazy connie is offline   Reply With Quote
Old 10-23-2008, 06:20 PM   #3
Full time employment: Posting here.
Darryl's Avatar
Join Date: Mar 2007
Posts: 577
Charlton, you can always call the administrator and ask how they arrived at that. I'll throw out a guess that either by the time your order was received and then executed the market moved from $14,000 to $12,000 and that would be what you get or maybe thy sold at $14,000 and withheld the rest (on your behalf) to go toward taxes, this $2,000 would of course reduce your taxes due next spring.
You will owe taxes on the entire amount as taxes and possibly a 10% penalty. 401k money for the most part shouldn't come out until 59 1/2 though there are exceptions and you may qualify at 55 with a job separation. You should quickly find out before your rollover timeframe expires.
I highjacked a rainbow and crashed into a pot of gold - Bon Jovi
Darryl is offline   Reply With Quote
Old 10-23-2008, 06:21 PM   #4
Moderator Emeritus
Bestwifeever's Avatar
Join Date: Sep 2007
Posts: 17,767
Market loss, or perhaps a 10 percent penalty for early withdrawal before age 59-1/2?

Just call human resources and tell them you need to know for tax purposes what has been withheld.
Bestwifeever is offline   Reply With Quote
Old 10-23-2008, 06:52 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sarah in SC's Avatar
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
They may be required to hold out some for taxes by law. Best to ask the administrator of the plan--each plan is different and typically they have different vesting rules and disbursement rules.
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote
Old 10-23-2008, 10:33 PM   #6
Confused about dryer sheets
Join Date: Jan 2008
Posts: 2
My guess is that they withheld federal taxes.
Saber is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
401k or Roth 401k? JohnDoe FIRE and Money 3 07-23-2008 07:33 AM
Can a company off both 401k and Roth 401k bode316 Young Dreamers 11 01-22-2008 12:40 PM
Roth 401k vs Traditional 401k keldon FIRE and Money 3 01-08-2007 01:25 PM
Trad 401k or Roth 401k for High Earners Linney Young Dreamers 7 01-01-2007 08:24 PM
Traditional 401k or Roth 401k HatePayingTaxes Young Dreamers 4 12-30-2006 10:59 PM

» Quick Links

All times are GMT -6. The time now is 04:49 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.