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

    Sep 8, 2007, 02:45 PM
    Penalty for early withdrawal of 401K
    I was laid off my current job after 7 years. I am 51 years old. How much will I be penalized for withdrawing my 401K?:confused:
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Sep 8, 2007, 03:30 PM
    10%, plus you will have to pay taxes on the distribution. Don't do it!
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