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Marcia7
Sep 11, 2006, 09:21 AM
Could you tell me when and how much taxes I would pay if I cashed out my 401K which is $28000.00. Earnings for the year is $52000.00. Would that $28k be added to my income?

ScottGem
Sep 11, 2006, 09:31 AM
Yes the $28K would be added to your $52K giving you a total of $80K, which might bump you up a bracket. There are too many other variables to estimate your taxes. In additon, there will be a $2800 penalty.

patrick letzig
Nov 25, 2006, 09:27 PM
Could you tell me when and how much taxes I would pay if I cashed out my 401K which is $28000.00. Earnings for the year is $52000.00. Would that $28k be added to my income?
The answer is tes