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  • Nov 27, 2006, 08:00 PM
    Shirley Gregg
    401K to pay taxes
    Is there a penalty for early withdraw on a 401k to pay a past tax lien?
  • Nov 27, 2006, 08:05 PM
    Shirley Gregg
    Quote:
    Originally Posted by Shirley Gregg
    Is there a penalty for early withdraw on a 401k to pay a past tax lein?
    Is there a penalty for early withdraw from a 401 K when the money is used to pay a state tax lean
  • Nov 28, 2006, 06:08 PM
    AtlantaTaxExpert
    Yes. Paying off state taxes will NOT exempt you from the 10% early withdrawal penalty.

    An IRS levy, on the other hand, will qualify for for an exemption.

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