Legal Question in Tax Law in Illinois

401k withdrawl

I really need and want to close out myt 401k account. I don't contribute, have made two loans and can't take anymore, but apparently do not qualify for hardship. I don't care about the penalties....I need to move and this is my ONLY resource for the security and first month's rent that I need to front. HELP!


Asked on 5/15/09, 3:30 pm

1 Answer from Attorneys
Joseph Michelotti Michelotti & Associates, Ltd.

Re: 401k withdrawl

depends on the contract. You could quit your current employment and roll it over to an IRA and then withdraw it.

This is for retirement. Probably best to leave it alone.

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Answered on 5/16/09, 12:31 pm


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