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Money and Finances
Reply to "I need to cash out my 401k"
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[quote=Anonymous]I would cash out the plan. I've done it in the past when we were in a tight spot. They don't automatically take taxes out of the distribution unless you ask them to. Otherwise, the IRS will factor that into your income when you file taxes next year and you can pay the taxes then. If you have a child, it's likely that you receive a refund each year. If this is the case, it will simply lower your refund next year. I would ONLY do this, in your case, if you cut up the credit cards. Keeping them around with a $0 balance will be too tempting. Maybe also look into signing up for a money management class. But you're young and have plenty of years ahead of you to aggressively contribute to your 401k as your child gets older. [/quote]
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