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Asked 2/8/2009
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I am leaving my job and want to take my 401k to finance my business. What are the tax implications on $100k I am leaving my job and want to take my 401k to finance my business. What are the tax implications on $100k |
Answer 1/2 - Submitted 2/8/2009
Answer 2/2 - Submitted 2/9/2009
The administrator must withhold 20% income tax on any 401 K distribution (from pretax contribuitions) ,. SO they will send you 80K... if you want to avoid this, roll it to an IRA, then take a distribution from there, which they do not have to hold taxes from if you so choose not too.. (you will have to pay next year when you file)
You will also be responsible for the additional 10% early withdrawal penalty if you are under 59 1/2.
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