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    Marcia7's Avatar
    Marcia7 Posts: 1, Reputation: 1
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    #1

    Sep 11, 2006, 09:21 AM
    401K cash out
    Could you tell me when and how much taxes I would pay if I cashed out my 401K which is $28000.00. Earnings for the year is $52000.00. Would that $28k be added to my income?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Sep 11, 2006, 09:31 AM
    Yes the $28K would be added to your $52K giving you a total of $80K, which might bump you up a bracket. There are too many other variables to estimate your taxes. In additon, there will be a $2800 penalty.
    patrick letzig's Avatar
    patrick letzig Posts: 2, Reputation: 1
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    #3

    Nov 25, 2006, 09:27 PM
    Quote Originally Posted by Marcia7
    Could you tell me when and how much taxes I would pay if I cashed out my 401K which is $28000.00. Earnings for the year is $52000.00. Would that $28k be added to my income?
    The answer is tes
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