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Asked 1/19/2010
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If I retire early and choose to close my 401 k account and spend it, what would the taxes and penalties be. If I retire early and choose to withdraw and use my 401 k money, what would the taxes and penalties be. |
Answer 1/1 - Submitted 1/19/2010
10% penalty for early withdrawal, and the tax would be dependant on your marital status and the amount withdrawn because of our progressive tax tables.
For example, federal income tax for a single person in 2009:
10% on income between $0 and $8,350
15% on the income between $8,350 and $33,950; plus $835
25% on the income between $33,950 and $82,250; plus $4,675
28% on the income between $82,250 and $171,550; plus $16,750
33% on the income between $171,550 and $372,950; plus $41,754
35% on the income over $372,950; plus $108,216
Those are federal income taxes, your state taxes would also be due.
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