Cashing out 401k

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» Cashing out 401k

Question

May 12, 2005, 12:13 PM

New Member

Join Date: May 2005

Posts: 1

Cashing out 401k

I am moving to Australia from the US next year and wish to cash out my 401k. What penalties would I pay. I am not retirement age.

Answers

May 13, 2005, 05:03 PM	#2

AtlantaTaxExpert Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 10,013	Lisad: You will pay income taxes (both state and federal) on any amount that you receive prior to the year you turn 59.5 years of age. Further, you will pay a punitive 10% early withdrawal penalty. How much money are we talking about??

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