I just changed jobs. Can I withdraw some of the money from my old employers retirement plan and roll over the rest?
Yes if the plan allows for it. You will pay ordinary income tax on the amount you withdraw and pay a 10% penalty if youre under the age 59 and a half and additional withholding may apply – see IRS Publication 560. (Note: There are exceptions for withdrawals from IRAs for first time home buyers, disabled people and other special circumstances. Check with the IRS.
Related Questions
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