I am recently unemployed and want to start my own business. Can I withdraw money from my retirement account and avoid the 10% penalty? Where do I find the IRS rules on this kind of withdrawal?
I am recently unemployed and want to start my own business. Can I withdraw money from my retirement account and avoid the 10% penalty? Where do I find the IRS rules on this kind of withdrawal?
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August 31st, 2009 at 9:23 pm
no – and don’t forget you also have to pay income taxes on the full amount of teh withdrawal also, not just the 10% penalty – so you would need to put aside probably $25-35% of the money for taxes to be safe
August 31st, 2009 at 9:23 pm
No.
August 31st, 2009 at 9:23 pm
no you cannot.