Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Retirement (https://www.askmehelpdesk.com/forumdisplay.php?f=281)
-   -   Early Withdraw (https://www.askmehelpdesk.com/showthread.php?t=91425)

  • May 10, 2007, 09:26 PM
    Breckin
    Early Withdraw
    Can you tell me what the penalties are for early withdraw from 401k on the state and federal levels
  • May 11, 2007, 01:07 PM
    AtlantaTaxExpert
    You will pay normal taxes at your marginal tax rate (that the tax rate on the last dollar you earn in the year) PLUS a 10% Earky Withdrawal Penalty.

    The total tax bll can approach 50% of the money distributed. Do NOT do it if it can be avoided.

    • All times are GMT -7. The time now is 11:47 PM.