Can You Cash Out Your 401K? 
Your 401 -LRB- k -RRB- plan is established by your employer . There is a document that states what you may do with the funds in the separate accounts . The document will tell you at what point the contributions by the employer become yours . The document might provide opportunity to withdraw some of the funds for specific purposes . The plans permission to withdraw doesnt diminish your responsibility to pay tax on the money withdrawn including penalties if you are less than 50.5 years old . 