Covering the 10% 401k penalty

I really appreciate your efforts to answer this question thread! It seems to me that "AtlantaTaxExpert" and "IntlTax" provides different answers as to the level and mechanism of US taxation. I worked in the US in the 80'ties and have a substantial amount vested in my 401(k). I migrated out of the...

Hi, I received a letter from the IRS today that I need to pay the 10% tax on the 401k that I claimed the following year. My company closed and I withdrew all my money out of my 401 k to save my house. I paid off ALL my bills so I would not loose my house. Can I file a hardship letter to avoid...

Hello, My husbands office is imposing a mandatory across the board salary reduction of 20% on a 150K salary which is HUGE..if he leaves his employer , can he withdraw his 401K? I know there will be a 10% penalty, how can I avoid paying 28% tax on the money if we need it? Thank you

I am 36 years old and have $24,000 in a traditional IRA that I rolled over from a 401k account. I need to pay down some debt and am wondering what kind of costs including penalties I will have if I use all the money to pay debts. The purpose of all this is to get away from several monthly...

Hi, I lost my job of 30 years this year due to disability. I have been awarded Social Security Disability. Approved in Feb 06, first payment was August 06. I had 2 withdrawals from my 401K. The first had a 10% penalty, the 2nd did not because of the disability. My question is: Is the...