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Personal 401(k) Finally, a Break for the Small Fry Or, Get $50,000 Tax Free By Eva Rosenberg, MBA, EA (And your favorite TaxMama) I can feel your pain. You've done all the right things. Socked away a bunch of money in your 401(k)'s, IRAs, etc. Now, you're out of work, or setting out on your own, or wanting to buy your first home. Why are you being punished for being good? And you can't touch any of that money without dire tax consequences. Dire, she says? Oh, yes, When you try to tap into that money, to your chagrin, you learn that you will face IRS's 10% early withdrawal penalty, your state's little, old addition AND taxes on all the money you draw. That's the real shock. The taxes. --- To read the rest of this article, and to learn all about the new solo-401(k), click here

Library of Congress -  ISSN 1532-0790 Copyright © 2000-2003 - Eva Rosenberg

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