Ask Experts Questions for FREE Help !
Ask
    smalltime's Avatar
    smalltime Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 31, 2007, 04:56 AM
    I was quit my current job after 16 yrs. I am 45 yrs old. How much will I be penalized for withdrawl 401k?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 31, 2007, 05:46 AM
    First its not a good idea to piggyback your question on someone else's. This can lead to confusion. You should start a new thread. So I've moved your question to its own thread.

    Second, you will pay a 10% penalty if you do not rollover the distribution. In addition, the amount of the distribution will be fully taxable income to you. So you will have to pay the taxes on it.

    I recommend rolling it over to an IRA, or if you are going to a new job, the new company's 401K.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401k loan and pulling momey out of a 401k to pay the loan off [ 2 Answers ]

I have just turned 591/2 and have a 5,000 dollar loan from my 401k... can I withdraw monies to pay this loan off... and how much will I be taxed if I do? Mickey Huddleston

Should I go for 401k? [ 3 Answers ]

Hi I am an Indian national who got 2 yr visa for Studies in US(f1). After completing my degree, I am employed by a wall street bank as an associate. They have a 401k program in which they will not match my contribution for the first year but after that to an extent(5% of income). I have no...

401k ? Taken a little? [ 2 Answers ]

Due to a uncontrolable situation I am in desperate need of quick cash,I need to withdraw about $7000.00 from my 401k is that allowed to only take out a percentage, I am only 31 so I feel taken at this young age may not be so harmful. I understand high penalties but unfortunately have come to no...

401k Penalities [ 2 Answers ]

I am leaving my company, and I have about $1,200 in my 401k. I contributed about $750.00 and my company the rest. I know about the 10% penalty. Approximately how much will I have to pay out in taxes? I want to see if it's worth it to roll over the amount I have or if I should just take it when...

401k [ 1 Answers ]

I am about to be divorce.We have property in which I live in the home.My question is,I need to know before I take my 401k from my husband do I have to pay any penalties and what else if any will I have to pay to get my share of his 401k.I live in Louisiana.

View more questions Search