Ira Question

[Jasminesmommy]

My DH lost his job in august and transfered his 401k to a IRA last month. We took some money out to pay bills since he still didn't have a job. He now got a job but master cylinder went out on car and don't have the money to fix it yet since he just started work on monday. Can we take money out 2 times in one year? We took out money about a month ago already.

 

[Jasminesmommy]

no one knows anything?

 

[james'mommy]

How old is he? If he is over 59 1/2 he can take out as much as he wants. If he is younger he can still take money out with a 10% irs penalty plus you will need to pay taxes on the full amount you withdrawl. Also depending on what type of investment vehicle you invested in there may be bank penalties.

 

[dcentity2000]

I thought you were talking about the terrorists!



Rich::