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-   -   401K cash out (https://www.askmehelpdesk.com/showthread.php?t=33914)

  • Sep 11, 2006, 09:21 AM
    Marcia7
    401K cash out
    Could you tell me when and how much taxes I would pay if I cashed out my 401K which is $28000.00. Earnings for the year is $52000.00. Would that $28k be added to my income?
  • Sep 11, 2006, 09:31 AM
    ScottGem
    Yes the $28K would be added to your $52K giving you a total of $80K, which might bump you up a bracket. There are too many other variables to estimate your taxes. In additon, there will be a $2800 penalty.
  • Nov 25, 2006, 09:27 PM
    patrick letzig
    Quote:
    Originally Posted by Marcia7
    Could you tell me when and how much taxes I would pay if I cashed out my 401K which is $28000.00. Earnings for the year is $52000.00. Would that $28k be added to my income?
    The answer is tes

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