What are the tax implications of withdrawing funds from a T Rowe Price 401k to invest in cryptocurrency?

3 answers

• Jan 14, 2022 · 3 years ago
  Withdrawing funds from your T Rowe Price 401k to invest in cryptocurrency can have tax implications. Generally, if you withdraw funds from your 401k before the age of 59 and a half, you may be subject to a 10% early withdrawal penalty. Additionally, the withdrawn amount will be treated as taxable income, which means you'll have to pay income tax on it. It's important to consult with a tax professional to fully understand the potential tax consequences before making any decisions.
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• Jan 14, 2022 · 3 years ago
  Oh boy, withdrawing funds from your T Rowe Price 401k to invest in cryptocurrency? You better watch out for those tax implications! If you're under 59 and a half, you might have to pay a 10% early withdrawal penalty. And don't forget, the withdrawn amount will be considered taxable income, so get ready to pay some taxes. It's always a good idea to talk to a tax expert before diving into the crypto world with your retirement savings.
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• Jan 14, 2022 · 3 years ago
  When it comes to withdrawing funds from a T Rowe Price 401k to invest in cryptocurrency, it's important to consider the tax implications. If you're under 59 and a half, you may be subject to a 10% early withdrawal penalty. Additionally, the withdrawn amount will be treated as taxable income, which means you'll have to pay income tax on it. However, it's worth noting that each individual's tax situation is unique, so it's best to consult with a tax professional to fully understand how this decision may impact you.
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