My Loving Cousin recently borrowed $21,000.00 from 401k.
He makes about $80,000.00 a year.
He already paid 20% in taxes now.
He received $16,000.000 which was gone in a FLASH, it seemed.
How much more will he and his family have to pay at tax time?

Concerned Cous. Thanks so much!

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Originally Posted by Jennisue

My Loving Cousin recently borrowed $21,000.00 from 401k.
He makes about $80,000.00 a year.
He already paid 20% in taxes now.
He received $16,000.000 which was gone in a FLASH, it seemed.
How much more will he and his family have to pay at tax time?

Concerned Cous. Thanks so much!

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This sounds like homework, not like an issue that would involve you as a cousin.

Sorry, AMHD does not do homework.