About Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

1 Comment

  1. I recently did this andwas told the folling, ” If you are younger than 59 and one half you will be charged a penalty of 10%. In addition you will be charged a 20% backup witholding for fed taxes. If 59 and one half or older, you just get hit with the 20% tax witholding.

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