Ask Experts Questions for FREE Help !
Ask
    bravoups's Avatar
    bravoups Posts: 1, Reputation: 1
    New Member
    		  
    #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
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


View more questions Search