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-   -   Early withdrawal (https://www.askmehelpdesk.com/showthread.php?t=241003)

  • Jul 23, 2008, 10:58 PM
    mishuna
    Early Withdrawl
    Hello. Will I get a tax penalty if I wanted to withdraw my 401K early to attend school?
  • Jul 24, 2008, 02:06 PM
    ebaines
    Yes, you will owe a 10% penalty for early withdrawal, plus income tax on the withdrawal (federal and state, if you live in a state with income tax).
  • Aug 8, 2008, 05:04 AM
    MukatA
    Yes, withdrawal from 401(k) for qualified education expenses is subject from early withdrawal penalty. On your tax return, the additional tax is reported on
    Form 5329, Additional Taxes on Other Qualified Plans (including IRA's), and Other Tax-Favored Accounts, to report the penalty.

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