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Asked 12/4/2008
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Is there any way out of the 20 percent early withdrawal tax on 401k I was fired while on a FMLA leave and now waited 30 days to get my 401k money and found out about 20 percent in taxes and maybe another 10 percent state tax. I have 4 kids and my wife doesnt work I never have to pay in at tax time I always get money back. So is there any way out of these taxes or not? |
Answer 1/2 - Submitted 12/4/2008
You are talking about withholding taxes. When you file your tax returns, this money will be considered as income. Maybe you will get it back if your total income is low enough. You could also choose to roll this money over into an IRA. If you accomplish this within 90 days of withdrawing the money, there will be no tax consequences although you will have to add the withholding to the amount you roll over (which you would get back when you file your taxes).
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