my wife has a New Jersey Defined Contribution Retirement Plan, with about 1400$ in it. the plan is from about 2015-2016 when she was a teacher. No more money is being added to it, and we wanna pull out the money. What tax and penalty or other implications would i have by doing so?
prudential told me they would withhold 20% for federal tax, and whatever of that is extra they would obviously refund me at tax time...
on another note, i have a 1100$ capital gains loss this year - would that loss be able to offset most of the gains i have by cashing out the retirement plan?
thanks!