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Old 09-06-2017, 07:58 PM
 
8 posts, read 3,590 times
Reputation: 10

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I don't believe the rule regarding the age of 59 1/2 effects me with this plan. Does anyone know if you can take money out of this account (like a loan of my own money), and if so, what percent I would be penalized or charged, thanks.

I want to take money out for an unrelated investment.
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Old 09-06-2017, 08:44 PM
 
Location: Albuquerque, NM
1,427 posts, read 2,569,766 times
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Was this a 457 or 403(b) plan tied to government employment? (I ask because I have a Nationwide 403(b) from my employment with my most recent state employer). If so, you may be right or you may be wrong. A quick reference on the differences between the two types of plans can be found here:

457 Plans and 403(b) Plans: A Comparison | Investopedia
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Old 09-06-2017, 08:45 PM
 
Location: OH>IL>CO>CT
5,232 posts, read 8,395,972 times
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If you did not pay Federal Income tax on the money (your's or their's) that went into this account (401k and/or co. paid pension plan), then yes, the age 59 1/2 rule does apply. The "early" withdrawal penalty is 10%, in addition to regular IRS 1040 income taxes.

If this is a 457 or 403 plan, then see post above ^^^^^^
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Old 09-06-2017, 08:53 PM
 
8 posts, read 3,590 times
Reputation: 10
Thank you. It is through a private sector employer. 403 (b)...
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Old 09-06-2017, 10:06 PM
 
Location: OH>IL>CO>CT
5,232 posts, read 8,395,972 times
Reputation: 7186
Then you may want to read this IRS Pub re 403b withdrawals, loans, timing of distributions, etc


https://www.irs.gov/pub/irs-pdf/p4482.pdf
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