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

    Jun 28, 2007, 09:43 AM
    401k Penalities
    I am leaving my company, and I have about $1,200 in my 401k. I contributed about $750.00 and my company the rest. I know about the 10% penalty. Approximately how much will I have to pay out in taxes? I want to see if it's worth it to roll over the amount I have or if I should just take it when I leave. I work in Massachusetts but live in Rhode Island. If I break even with the amount that I contributed, then I may just take it with me. My salary is 30k a year, and I am single.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jun 28, 2007, 12:15 PM
    What was your tax bracket last year? If you were at 15%, then the tax liability would be about $180 add the $120 10% penalty and you get back $900. Why would you throw away $300? If you want to throw away that much throw it my way ;).
    gazelleintense's Avatar
    gazelleintense Posts: 175, Reputation: 13
    Junior Member
    		  
    #3

    Jun 28, 2007, 01:09 PM
    Could be 28% or more... as much as we are taxed to death in the USA these days.
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