View Full Version : 401K penalty tax
jjqwlake
Mar 19, 2007, 09:16 AM
I withdrew 35,676.09 from 401K with 7,135.21 federal tax with held. Can you tell me how much more I will have to be paid from this amount when taxes are done this year. This withdrawal was done in 2006.
Jaykid007
Mar 19, 2007, 07:43 PM
I withdrew 35,676.09 from 401K with 7,135.21 federal tax with held. Can you tell me how much more I will have to be paid from this amount when taxes are done this year. This withdrawal was done in 2006.
Depends on your tax bracket. Add 10% penalty if your under 59 1/2
AtlantaTaxExpert
Mar 22, 2007, 09:04 AM
JayKid's answer about covers it. The taxes (both federal and state) will be at least 20% and can approach 50%.