lepicure22
Feb 12, 2009, 07:38 AM
Hello:
When calculating 401k early withdrawal penalty tax (10%), is it after or before the first 20% federal income tax?
In other words, if the lump sum is 100k, tax is 20k. Is penalty 10% of 100k (10k), or 10% of 80k (8k)?
Thanks,
D
When calculating 401k early withdrawal penalty tax (10%), is it after or before the first 20% federal income tax?
In other words, if the lump sum is 100k, tax is 20k. Is penalty 10% of 100k (10k), or 10% of 80k (8k)?
Thanks,
D