How to cash out 401k......

[iOWNme]

After deciding to get my fiat from Satans clutches, i received a packet in the mail from XXXXXX. I filled out the standard forms, like payment type, what account, direct deposit, etc.

The last form they said i was 'required' to fill out was an Overpayment Notice stating that:

"If i received an overpayment, it was my responsibility to repy it within 30 days, and if payment was not made in 30 days, it would continue with 10% interest until it is paid off ".

I would have to be an idoit to sign this paper. So i crossed out all that section in black ink, initialed it, and signed the form "Without Prejudice, All Rights Reserved". (Know the Law!)

Several people at my work told me that i would never see my money because i crossed out their forms.

Needless to say, i received ALL of my money, within 5 days of mailing my forms.

Its the little things like this that warm my heart. :)

[mamboni]

After deciding to get my fiat from Satans clutches, i received a packet in the mail from XXXXXX. I filled out the standard forms, like payment type, what account, direct deposit, etc.

The last form they said i was 'required' to fill out was an Overpayment Notice stating that:

"If i received an overpayment, it was my responsibility to repy it within 30 days, and if payment was not made in 30 days, it would continue with 10% interest until it is paid off ".

I would have to be an idoit to sign this paper. So i crossed out all that section in black ink, initialed it, and signed the form "Without Prejudice, All Rights Reserved". (Know the Law!)

Several people at my work told me that i would never see my money because i crossed out their forms.

Needless to say, i received ALL of my money, within 5 days of mailing my forms.

Its the little things like this that warm my heart. :)


Do you mind telling us what your net payout was, as percentage of the gross dollar balance (i.e. were you charged income taxes plus 10% penalty?).

[horseshoe3]

I cashed out my IRAs this year. The investment company was willing to withhold for me or not - my choice. At the end of the year, it's between you and the IRS.

[StreetsOfGold]

I closed out a 401K recently. They took out Federal taxes ONLY, no state OR the 10% penalty.

I think the tax rate was something like 25% or there-abouts

[lapis]

I cashed mine out in January of 2008, and bought my first bunch of PMs. Best financial decision I ever made (although in hindsight, I wish I had bought more silver and less gold! Oh well).

[iOWNme]

After deciding to get my fiat from Satans clutches, i received a packet in the mail from XXXXXX. I filled out the standard forms, like payment type, what account, direct deposit, etc.

The last form they said i was 'required' to fill out was an Overpayment Notice stating that:

"If i received an overpayment, it was my responsibility to repy it within 30 days, and if payment was not made in 30 days, it would continue with 10% interest until it is paid off ".

I would have to be an idoit to sign this paper. So i crossed out all that section in black ink, initialed it, and signed the form "Without Prejudice, All Rights Reserved". (Know the Law!)

Several people at my work told me that i would never see my money because i crossed out their forms.

Needless to say, i received ALL of my money, within 5 days of mailing my forms.

Its the little things like this that warm my heart. :)


Do you mind telling us what your net payout was, as percentage of the gross dollar balance (i.e. were you charged income taxes plus 10% penalty?).


I was forced to agree to 20% Federal, i had no choice. No State tax and no extra penalty.

[iOWNme]

The real point to my post was for people to wake up to the fact that 99% of what we do day-in and day-out ARE NOT LAWS.

We want to live Lawfully, dont we?

We have just been so domesticated that we do not even question ANYTHING that comes from another in a position of 'power', we just nod and go along to get along. Especially if it involves money. Most people would sign their birthright over for access to FRN's.

Lesson to learn: When signing ANYTHING, read it, and whatever you do not agree with, cross out, initial and sign. Stand up. Speak up. Silence is acquiescence.

[Ponce]

That's like I went to the hospital and in the one page admission that they made me sign I wrote "No out of pocket money"........the bill was for over $8,000 for a 20 hours stay but as of yet I am yet to see a bill, this was about five months ago........they collected only $1,200 from my insurance company and none from the VA hospital.

[Ponce]

From where? :conf:

[optionT]

From my understanding you can't cash out of a 401k while currently working for that same company.