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    rudel007's Avatar
    rudel007 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Dec 10, 2010, 10:53 AM
    i withdraw my 401k early. Do i have a refund when i file?
    Total= $2449.05
    federal=$675.71
    state-$261.84
    Take home money=$1511.50
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 10, 2010, 11:32 AM
    Need to know your OTHER income sources, to inculde what your spouse made if you are filing jointly.

    For sure, you will pay $245 for the 10% Early Withdrawal Penalty. That penalty CANNOT be mitigated by credits or deductions.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Dec 10, 2010, 12:43 PM

    They withheld 27.6% for federal tax, and 10.7% for state income tax, which seems like a lot. As ATE says, it's impossible to say whether you get some of that back or not, but I'm guessing you probably will. Nevertheless, keep $245 in reserve to pay the early withdrawal penalty.
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