I need some money and I was wondering if I can take out my money from my retirement savings plan from Fidelity?

I need to get my car fixed and i was wondering if I can withdrawl the 2500 dollars in there. If I can, do they tax it alot?

Public Comments

1. That should be your last resort. Tax penalty I think is 10%, but I'm not 100% certain. Talk to a professional/tax pro.
2. I don't know exactly how your registration is set up at Fidelity. John Smith, IRA or a 401K. Should you take a withdrawal, you will be penalized. Consult with your tax preparer - he may want you to withdrawal another 20% to cover for taxes. FYI - I'm not an investment adviser - I only worked for one for 13 yrs and know info about withdrawals.
3. With taxes and penalties you can lose up to 40%. Thus to get $2,500 you'll need to withdraw $4,167. Kinda an expensive way to get money.