401K Early Withdrawal

jahgurl25 · #1 Mar 31, 2008, 03:33 PM

I recently withdrew from my 401K(im not 59 1/2) since I was resigning from this company. I had $423 in the account and when I received my check a 10% penalty was charged and so my question is are there any other fees I will be charged later on that I should be aware of.

Turtle21 · Mar 31, 2008, 04:49 PM

Quote:

Originally Posted by jahgurl25

I recently withdrew from my 401K(im not 59 1/2) since I was resigning from this company. I had $423 in the account and when I received my check a 10% penalty was charged and so my question is are there any other fees I will be charged later on that I should be aware of.

Unfortunately any monies withdrawn from your 401-K account is taxable. The amount withdrawn must be listed as taxable income when you file your tax return. I know of no other charges.



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