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    brandylwolf's Avatar
    brandylwolf Posts: 1, Reputation: 1
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    #1

    Jul 21, 2007, 04:21 PM
    Quote Originally Posted by jjpurdy
    when you withdraw 401k early, how much taxes are taken out, and do they do that for you or do you?
    How much income tax would I have to pay on $5000.00
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jul 21, 2007, 04:34 PM
    What is your total yearly income, what state do you live in, are there state income taxes, are there city income taxes, how many deductions do you have. And a 100 other questions you are better not giving on a open forum.

    A good idea ( general rule) they are going to get 500 dollars as a penalty, and you will pay 1200 to 1500 most likely but can pay up to 2500 depending on your tax bracket.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jul 21, 2007, 07:37 PM
    The amount of the distribution is added to your taxable income for the year. So how much depends on your tax bracket. Its also possible that the $5K might put you into a higher bracket.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jul 27, 2007, 10:25 PM
    All advice given is excellent.
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