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    tonycheryl's Avatar
    tonycheryl Posts: 1, Reputation: 1
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    #1

    Oct 14, 2008, 12:19 PM
    401k early withdrawl
    After penalty's and taxes how much money would I have left over from $60,000 from my early 401K retirement withdrawl?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 14, 2008, 12:24 PM

    There is no way for us to know. If you took out $60K at least $6K would go towards the 10% penalty. The rest of your cost will depend on how it affects your taxable income for the year. The whole $60K will be added to your income and then taxes will be calculated. Its possible the $60K will bump you into a higher bracket increasing your tax liability.
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