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-   -   401k penalties and taxes (https://www.askmehelpdesk.com/showthread.php?t=132771)

  • Sep 23, 2007, 08:29 AM
    hondo368
    401k penalties and taxes
    If I decide not to roll over my 401k what will the tax % and penalty % be?
  • Sep 25, 2007, 08:46 AM
    AtlantaTaxExpert
    You will pay taxes (state and federal) at the tax rate you are paying on the LAST dolar you earn in 2007, PLUS a 10% Early Withdrawal Penalty.

    The total tax rate could hit 50%.

    BOTTOM LINE: DO NOT DO IT!!

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