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Jennisue
Sep 10, 2012, 08:15 AM
My Loving Cousin recently borrowed $21,000.00 from 401k.
He makes about $80,000.00 a year.
He already paid 20% in taxes now.
He received $16,000.000 which was gone in a FLASH, it seemed.
How much more will he and his family have to pay at tax time?

Concerned Cous. Thanks so much!

JudyKayTee
Sep 10, 2012, 08:48 AM
My Loving Cousin recently borrowed $21,000.00 from 401k.
He makes about $80,000.00 a year.
He already paid 20% in taxes now.
He received $16,000.000 which was gone in a FLASH, it seemed.
How much more will he and his family have to pay at tax time?

Concerned Cous. Thanks so much!


This sounds like homework, not like an issue that would involve you as a cousin.

Sorry, AMHD does not do homework.