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brandylwolf
Jul 21, 2007, 04:21 PM
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
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
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
Jul 27, 2007, 10:25 PM
All advice given is excellent.