Archived Can I receive my 401(k) contributions if/when I leave Target?

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Kroneru

Kroneru

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I am looking into employment at other establishments and will definitely give a proper two week notice if I get another position. My 401(k) account is only two years old though can I get the contributions I made to it back?
 
Not without paying a penalty for early withdrawal.
You'd do better rolling it over either to your new employer's 401K or to the bank of your choice.
 
But... it's my money...

Ok.
 
How bad is the penalty? What%?
 
Roll it over. It's your money yes, but its considered income not taxed. That is why it is penalized. I wouldn't want to throw 20+ % away for no reason. Unless you did the Roth taxed 401k, then you should be able to get it all since income tax was already paid iirc. May still be a small penalty, check the irs website to make sure.

Or get it and have a hell of a weekend.
 
33% will be taxed for early withdrawal. You should get the paperwork in about 30 days after quitting spot. You transfer it to an Ira too.
My 401k is over 100k, so I am not going anywhere at time soon.
 
Alright, roll over I shall.
 
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