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jahgurl25
Mar 31, 2008, 04:33 PM
I recently withdrew from my 401K(im not 59 1/2) since I was resigning from this company. I had $423 in the account and when I received my check a 10% penalty was charged and so my question is are there any other fees I will be charged later on that I should be aware of.

Turtle21
Mar 31, 2008, 05:49 PM
I recently withdrew from my 401K(im not 59 1/2) since I was resigning from this company. I had $423 in the account and when I received my check a 10% penalty was charged and so my question is are there any other fees I will be charged later on that I should be aware of.
Unfortunately any monies withdrawn from your 401-K account is taxable. The amount withdrawn must be listed as taxable income when you file your tax return. I know of no other charges.

jennyl147
May 11, 2009, 05:31 PM
Only that the 10% that was withheld may not be enough when you file your income tax next year. And you will owe a percentage to your state taxes.