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Help, what should I do?
bravoups
Posts: 1, Reputation: 1
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1
Jan 20, 2014, 05:53 PM
Help, what should I do?
I am over 59 1/2 should I cash out all of my 401k? I have not worked since 2007, what type of tax% will I pay
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AtlantaTaxExpert
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Jan 20, 2014, 06:15 PM
Since you are OVER the age of 59.5, you will pay NO early withdrawal penalties.
However, you WILL be taxed at the normal tax rates for your federal and state returns.
My advice is to withdraw as little as possible as you need it.
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