Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Retirement (https://www.askmehelpdesk.com/forumdisplay.php?f=281)
-   -   Taxes & Penalties for withdrawing from 401K? (https://www.askmehelpdesk.com/showthread.php?t=313665)

  • Feb 5, 2009, 07:09 PM
    horseryder_99
    Taxes & Penalties for withdrawing from 401K?
    How do I find out how much I will have to pay in taxes for withdrawing my 401K and how much in penalties?
  • Feb 5, 2009, 07:37 PM
    ScottGem

    The penalty for an inservice withdrawal is 10%. The amount of the withdrawal is added to your taxable income. So you have to do your taxes to determine that part.
  • Feb 23, 2009, 11:47 AM
    rkosheff
    If you are under the age of 59 and 1/2 you will pay ordinary income tax on the amount withdrawn plus a 10% penalty for early withdrawal. If you are 59 and 1/2 or older you will just pay ordinary income tax on the amount withdrawn.

  • All times are GMT -7. The time now is 08:11 PM.