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alpike
Jan 10, 2007, 05:28 AM
If you cash in a 401K that was only about $3,500 how will that affect your income tax return the following year?
ScottGem
Jan 10, 2007, 05:42 AM
The $3500 will be added to your taxable income for the year. Better to roll the money into an IRA.
AtlantaTaxExpert
Jan 11, 2007, 05:07 PM
Agree with Scott Gem.

You will pay anywhere from 28 - 39%, depending on the state you live in.