My daughter lost her job and is planning to use her 401K to cover expenses while she looks for work. I am thinking she is going to have to pay a large sum in taxes on this 401K money, but she does not agree with me and says the money was withheld when she got the proceeds. Is this a common practice, or is it possible that what was withheld is actually a penalty fee, and she will still owe taxes?
xs5
Rep Points: 10
401K is not a good way to get rid of such problems I think you should advice her to stop from doing this.
xs5
Rep Points: 10
There are other many ways to cope with htis problem such as sui the company.
