[chaski8]

When I quit my job I have a lump sum 401k that I want to cash out. What percent should I do for taxes?

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[Wildsporty]

First off you will probably have to pay an early cash out penalty. You need to check with your 401k administrator to find out how much the early cash out penalty will be.

The taxes on the cash out amount will be around 43% depending on what your state tax amount is.

The best thing would be for you to call the administrator of your 401k plan and they will be able to tell you the exact amount.

Shirley

[ScottGem]

We need more info here. Did you quit to take another job? Did you retire?

Unless you are over 59 1/2, the taxes and early withdrawal penalty willtake a large chunk, over 30%, of your distribution.

[Fr_Chuck]

Guess I will far in the middle, depending on your tax rate ( total income)
First as noted if you are under 59 1/2 you will have to pay automatically 10 percent for a penalty. Then just a guess, your federal taxes will be about that 25 percent at least, and then you may have state taxes also. So my guess is at that 35 to 40 percent.