I need some money and I was wondering if I can take out my money from my retirement savings plan from Fidelity?

I need to get my car fixed and i was wondering if I can withdrawl the 2500 dollars in there. If I can, do they tax it alot?


2011
11/30
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3 comments
    • amy_27
    • November 30th, 2011

    That should be your last resort. Tax penalty I think is 10%, but I’m not 100% certain. Talk to a professional/tax pro.

    • Karen
    • November 30th, 2011

    I don’t know exactly how your registration is set up at Fidelity.
    John Smith, IRA or a 401K.

    Should you take a withdrawal, you will be penalized. Consult with your tax preparer – he may want you to withdrawal another 20% to cover for taxes.

    FYI – I’m not an investment adviser – I only worked for one for 13 yrs and know info about withdrawals.

    • Auntie Mame
    • November 30th, 2011

    With taxes and penalties you can lose up to 40%. Thus to get $2,500 you’ll need to withdraw $4,167. Kinda an expensive way to get money.

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