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Was wondering when I can withdraw my money from my kaw valley healthcare center profit sharing. I hear that you can withdraw once a year in july or august time frame.. not sure when they will send me info.?

Aug 06, 2012 by floyd from Kansas City, KS
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Eric Patton Level 18

My recommendation would be to contact the HR department for specifics on any retirement plan details. I would also recommend that if at all possible to keep money in a tax deferred vehicle, so you do not incur a penalty for withdrawl. If you are under the age of 59.5 and you take money out of a retirement plan for anything other then a qualified distribution, you will incur a 10% tax penalty in addition to the amount being taxed at ordinary income rates.

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