Please tell me what the tax penalty would be for early withdrawel of 401k. The 20% federal tax has already been taken out and 4% VA state tax.
What could the IRS early withdrawel penalty be? Would it still be another 10%?
Thanks,
DarlaLynn:
Eek:

Yes - the early withdrawal penalty is another 10%. Also be aware that the 20% federal withholding and 4% stat withholdinfg are just estimates - the actual tax you will owe at the end of the year is dependent on your particular tax rate, and that the full amount of the withdrawal is included as regular income.