Question #33287. Asked by chui. (May 08 03 10:06 PM) In Thomas Love Peacock's satirical novel Headlong Hall (1816) there appear two high-flown nonce words (one-off coinages) which describe the human body by stringing together adjectives describing its various tissues.
10% Penalty for Early 401k Distributions â The main 401k withdrawal penalty is the 10% additional tax that is incurred for taking an âearly distributionâ. An early distribution occurs when 401k funds are withdrawn before reaching age 59-1/2.The 10% penalty is in addition to the regular income taxes that must be paid on amounts withdrawn. (Remember: you did not pay income tax when you contributed funds to the 401k plan so the IRS gets its share when you take money out.).n early distribution occurs when 401k funds are withdrawn before reaching age 59-1/2. The 10% penalty is in addition to the regular income taxes that must be paid on amounts withdrawn. (Remember: you did not pay income tax when you contributed funds to the 401k plan so the IRS gets its share when you take money out.).
You cannot take a cash 401(k) withdrawal while you are currently working for the employer that sponsors the 401(k) unless you have a major hardship. You can cash out your 401(k) before age 59 Â½ without paying the 10 percent penalty if: 1  You become completely and permanently disabled.ashing out early will cost you huge in penalties and lost growth over the next few decades. Itâs a basic but all-too common question posed on financial blogs like this one: âI just left my job. I have like $1,000 sitting in my old 401(k) and Iâm short on cash.