401 withdrawal

Joe D612 · #1 Dec 11, 2006, 01:56 PM

I am geting ready to leave my job and I want to close out my 401 and use it in helping me start a small businness. I have about 107.000 in there now how much can I expect to recieve after they tax it

walt17 · Dec 12, 2006, 04:39 PM

Quote:

Originally Posted by Joe D612

I am geting ready to leave my job and I want to close out my 401 and use it in helping me start a small businness. I have about 107.000 in there now how much can I expect to recieve after they tax it

You will pay a 10% penalty plus taxes. Without knowing your situation, any estimate may be way off. But since you will be working your total income will be above 107K. Meaning you will probably be in a 25% marginal tax bracket.



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