Financial expert warns against removing money from 401K amid coronavirus outbreak
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As millions of people continue to file for unemployment amid the coronavirus pandemic, some are considering removing money from their 401K.
Financial expert at Texas Regional Bobby Farris says removing money a 401k should be the last option.
Farris explains there is a 10% plus paid during income tax penalty for removing money from a 401K account.
The 10% penalty is waived only for those who qualify for coronavirus relief under the Cares Act, Farris explained.
For more information watch the video above.
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