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Make Me Smart with Kai and Molly

Episode 114: Antitrust the process

May 21, 2019

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Ask Money

A foreclosure and a 401(k)

Chris Farrell Feb 28, 2011
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Question: I took money out of my 401K to get my home out of foreclosure because I lost my job. Do I have to pay taxes and penalty on that money? Howard, Bronx, NY

Answer; It all depends on your age. If you’re under age 59 ½ you have to pay the 10% penalty and the amount you withdrew is subject to income taxes. If you’re over 59 ½ you won’t get socked with the penalty, but you will still owe income taxes.

How We Survive
How We Survive
Climate change is here. Experts say we need to adapt. This series explores the role of technology in helping humanity weather the changes ahead.