Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Retirement (https://www.askmehelpdesk.com/forumdisplay.php?f=281)
-   -   Penalties for closing 401k early (https://www.askmehelpdesk.com/showthread.php?t=341373)

  • Apr 14, 2009, 08:30 AM
    bassethound3
    Penalties for closing 401k early
    [F]
    How severe would penalty be for closing out 401k early? 38 years old...
  • Apr 14, 2009, 11:57 AM
    ebaines

    You would pay income tax on the distribution (federal as well as state/locality, depending on where you live) and also an extra 10% early withdrawal penalty. Depending on your circumstance, this could mean you'd be left over with only about 55% of the withdrawal.

  • All times are GMT -7. The time now is 12:10 AM.