• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

It's my money why can't I have it?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.



I have a tax sheltered annuity, through Northern Life, from a previous job working for a "non-profit" agency. I was told I could only continue contributing to this annuity if I work for the govt. or a non-profit organization which I don't plan to do and that withdrawing the money would result in a severe tax penalty. There's only around $1200.00 in it. Is there any way I can get @ least most of my money back




You can withdraw the money and pay tax on the amount and also pay a penalty of 10%. The penalty does not apply if you are over 591/2. You can also “rollover’ the fund into an IRA tax-free.
Sponsored Ad