I am getting ready to leave my job and I want to close out my 401 and use it in helping me start a small businness. I have about 107.000 in there now how much can I expect to receive after they tax it

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Originally Posted by Joe D612

I am geting ready to leave my job and I want to close out my 401 and use it in helping me start a small businness. I have about 107.000 in there now how much can I expect to recieve after they tax it

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You will pay a 10% penalty plus taxes. Without knowing your situation, any estimate may be way off. But since you will be working your total income will be above 107K. Meaning you will probably be in a 25% marginal tax bracket.