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URL:  https://boards.fool.com/i-would-not-take-a-withdraw-from-your-401k-because-34646595.aspx

Subject:  Re: Cash out refi or early ira withdrawl? Date:  10/21/2020  10:40 AM
Author:  Davis32Fool Number:  312950 of 312974

I would not take a withdraw from your 401K because it is designed to put money or savings into your 401k account from the net or untaxed portion of your paycheck. If you take a early withdraw you will be charged a ten percent penalty if your are under the age of 59-1/2 or younger. Also when you pay back your 401K plus any interest you will be paying yourself back from the gross portion [already taxed]of your paycheck, meaning that you are paying double tax on 401K due to the fact that they will tax you when you someday take a withdraw after retirement. If you have another option I would take it. I hope this helped. Good luck.
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