You cannot borrow against a 401K. You can take a distribution and pay no tax or penalty as long as you put it back within 60 days. If you do this and it's not back in the account in 60 days you will pay taxes and penalties on the money. Now what you really want … Read more

Cancel is the wrong term, I'm assuming that you mean, stop making contributions, the answer is yes, I also assume that you mean that you want to take a distribution (cash out). If you take your money out it is called distribution. A distribution made prior to 59 1/2 is penalized at 10% and taxed … Read more

At 59 1/2 you may start taking distribution which are taxable as ordinary income. The difference is that you have to pay a penalty on unqualified distributions before 59 1/2. After 59 1/2 there is no such thing as unqualified distribution so no penalty. You may want to talk to someone in your community who … Read more

Don't be scared to call your unemployment office for answers to your questions. Not knowing where you are from, I will be guessing. But If I had to guess I would say NO. The 401k is money that you already earned, It just has not been taxed. It will be taxed when you take it … Read more

Did you loose your job or did you quit? Are you collecting Unemployment? In Texas unemployment is not based on your income. It is based on the amount you earned while you were employed and why you became unemployed. Be careful on these issues. Your employer will fight your unemployment application. Get your ducks in … Read more

Additionally, you need to be on a cash basis anyway because you cannot trust yourself with credit nor can a creditor. Being on a cash basis is not at all as bad as what people think it is. People on cash generally do not live hand to mouth but pay as you go. If you … Read more