A 401K withdrawal is a withdrawal of money that had previously been deposited into a 401K account. As of 2015, early withdrawals on a 401K account are generally taxed as regular income and can face an additional 10 perce... More »

Holders of traditional IRA accounts have to pay regular income taxes on distributions after age 59 1/2, reports CNN Money. Holders of Roth IRA accounts do not pay taxes on distributions. More »

Contacting the financial institution where the funds are held is the first step, explains Bankrate. Withdrawing funds may result in significant tax penalties especially if done before the age of 59 1/2. After this age, r... More »

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The rules for withdrawing money from a 403(b) tax-deferred retirement plan vary by plan, but some allow for a hardship withdrawal or loans, according to the Internal Revenue Service. Plans may also allow withdrawals when... More »

The main benefit of a 401(k) hardship withdrawal is the amount of money it provides to meet genuine emergencies, reports Bankrate. Additionally, a number of hardship situations qualify for exceptions to penalties. Disadv... More »

When a person younger than 59 and a half withdraws money from an individual retirement arrangement, or IRA, there may be a 10 percent tax on the distributions that are part of the person's gross income during the year of... More »

To withdraw money from their individual retirement accounts (IRAs), account holders should determine their withdrawal eligibility, contact the appropriate financial institution and complete all applicable forms, notes IR... More »