Can you tell me exactly what taxes are withheld when doing an Early Withdrawl of a 401 K? Also, when tax season comes around will I be taxed again on the total amount withdrawn as additional income or the amount after taxes? Is it true you are double taxed? Or will the initial taxes removed from the check given be the only taxed amount taken from that money?

I really need to get a straight answer on this topic before I make a decision that will hurt me worse financially in the long run... I am trying to clear up debt now to give our family a clean slate for the future. Any help I can be given would be greatly appreciated!

Thank you in advance!

The 20% that is withheld is only a DOWN PAYMENT for the taxes owed. You will pay (and pay ALOT) when you file your return.

Again, as I have said on numerous occasions, DO NOT DO IT! The tax burden is just too great.