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Financial Planning / Foolish 401(k)s


Subject:  401k withdrawal question Date:  12/3/2012  9:46 PM
Author:  jmrut Number:  24951 of 25844

I'm trying to advise my friend that wants to take out all of her money from her 401k. She is only 55. She has an outstanding loan of 6000. The 401k balance it 13000.

If I'm correct, she will owe taxes on the 6k loan (and penalty) in addition to the same for the balance. Is this correct?

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