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

    Mar 19, 2007, 09:16 AM
    401K penalty tax
    I withdrew 35,676.09 from 401K with 7,135.21 federal tax with held. Can you tell me how much more I will have to be paid from this amount when taxes are done this year. This withdrawal was done in 2006.
    Jaykid007's Avatar
    Jaykid007 Posts: 74, Reputation: 1
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    #2

    Mar 19, 2007, 07:43 PM
    Quote Originally Posted by jjqwlake
    I withdrew 35,676.09 from 401K with 7,135.21 federal tax with held. Can you tell me how much more I will have to be paid from this amount when taxes are done this year. This withdrawal was done in 2006.
    Depends on your tax bracket. Add 10% penalty if your under 59 1/2
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Mar 22, 2007, 09:04 AM
    JayKid's answer about covers it. The taxes (both federal and state) will be at least 20% and can approach 50%.
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