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    horseryder_99's Avatar
    horseryder_99 Posts: 1, Reputation: 1
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    #1

    Feb 5, 2009, 07:09 PM
    Taxes & Penalties for withdrawing from 401K?
    How do I find out how much I will have to pay in taxes for withdrawing my 401K and how much in penalties?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Feb 5, 2009, 07:37 PM

    The penalty for an inservice withdrawal is 10%. The amount of the withdrawal is added to your taxable income. So you have to do your taxes to determine that part.
    rkosheff's Avatar
    rkosheff Posts: 9, Reputation: 1
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    #3

    Feb 23, 2009, 11:47 AM
    If you are under the age of 59 and 1/2 you will pay ordinary income tax on the amount withdrawn plus a 10% penalty for early withdrawal. If you are 59 and 1/2 or older you will just pay ordinary income tax on the amount withdrawn.
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