{ "media_type": "text", "post_content": "Where can I find out the tax penalties of taking money out of my 401k? Want to purchase options from a startup I worked at but don't have the $ liquid right now.", "post_id": "57b23a0394f1fc0f00990f94", "reply_count": 23, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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Where can I find out the tax penalties of taking money out of my 401k? Want to purchase options from a startup I worked at but don't have the $ liquid right now.

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LMGTFY

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Lol! If you can't figure out the cost of withdrawing from a 401 without FB, you probably shouldn't be investing in a start up. You literally have better odds putting it all on black. Or red. #redlivesmatter

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It's not complex - it gets taxed as odinary income + 10% penalty.

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Google

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:( someone want to lend me the money? 😀

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I'd recommend a credit card balance transfer.

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Strongly advise against touching the 401k. The taxes are ridiculous when you are younger. Plus you pay penalties. Not worth it

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Theranos? Highly recommend you keep your $$ in the 401k, ask family, sell baseball cards whatever

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Depending on $, get a zero interest intro cc, take cash or ask for transfer checks and then pay off in the 15mos or whatnot before interest hits risky sounding I know but used that a few years back for some extra cash to buy a foreclosure and paid off in that case

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Call company managing your 401k or your tax advisor

Search for "Loan and Withdrawals" in your online account. You will have all the details about the charges and penalties.

Also, consider a loan. I don't know all the details, but I know that if you do it right, you can avoid tax penalties.

The worst part about it is that you are repaying the 401k loan back with post tax money, completely defeats the purpose, not to mention the penalty

Just get a loan from the bank

9 out of 10 start ups fail unless you are tslking about buying options at snapchat I would pass

It's not really a start up - it's a tech company valued at over $1b.

Lending Club

How much $ are you talking? I'm considering investing extra $ in startups but haven't found right ones. Maybe we help each other

Only need ~$12k. Not really worried about the risk in terms if the company will fail.

DONT DO IT!

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