I am 44 and getting a divorce. I currently have no job and would like to be able to use part of my share of a 401K to pay off some bills that I have. My share would be $13000.00 and would like to use $7000 for the outstanding bills that I will have. I know that I would have to pay some kind of penalty on it and would like to know how much it would be. My income would only be about $7880.00 for the year counting the support that I will be receiving from my ex. How much would be the penalty and taxes that I would have to pay? Would it be better for me to take all of the 401K and not roll any of it over or should I roll over the remainder after I do take the $7000 plus penalty fees out? I need answers fast due to the fact I have to make my decision by the end of the month.