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    millersa112260's Avatar
    millersa112260 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 2, 2013, 09:57 AM
    401k Withdrawal Calculator
    I just lost my job a week ago. I may be panicking too early, but I want to make sure I can provide to my family in the event it takes more than 6 months to find a new job. In the event I my cash available has evaporated what would be the impact if I take $100K out of my 401K plan in order to pay for my mortgage and other monthly expenses?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 2, 2013, 04:23 PM
    The minimum tax impact is the 10% Early Withdrawal Penalty, which cannot be mitigated by exemptions or deductions.

    The regular income tax (state and federal) will range between 15% and 35%, depending on where you live.
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