I recently withdrew from my 401K(im not 59 1/2) since I was resigning from this company. I had $423 in the account and when I received my check a 10% penalty was charged and so my question is are there any other fees I will be charged later on that I should be aware of.

Quote:

---

Originally Posted by jahgurl25

I recently withdrew from my 401K(im not 59 1/2) since I was resigning from this company. I had $423 in the account and when I received my check a 10% penalty was charged and so my question is are there any other fees I will be charged later on that I should be aware of.

---

Unfortunately any monies withdrawn from your 401-K account is taxable. The amount withdrawn must be listed as taxable income when you file your tax return. I know of no other charges.

Only that the 10% that was withheld may not be enough when you file your income tax next year. And you will owe a percentage to your state taxes.