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

    Sep 10, 2012, 08:15 AM
    Free accounting answers
    My Loving Cousin recently borrowed $21,000.00 from 401k.
    He makes about $80,000.00 a year.
    He already paid 20% in taxes now.
    He received $16,000.000 which was gone in a FLASH, it seemed.
    How much more will he and his family have to pay at tax time?

    Concerned Cous. Thanks so much!
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Sep 10, 2012, 08:48 AM
    Quote Originally Posted by Jennisue View Post
    My Loving Cousin recently borrowed $21,000.00 from 401k.
    He makes about $80,000.00 a year.
    He already paid 20% in taxes now.
    He received $16,000.000 which was gone in a FLASH, it seemed.
    How much more will he and his family have to pay at tax time?

    Concerned Cous. Thanks so much!

    This sounds like homework, not like an issue that would involve you as a cousin.

    Sorry, AMHD does not do homework.

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