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Asked 1/17/2010
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401k withdraw penalty How much estimate do i have to pay for making 12000 401k withdrawn. we are on 15% tax . someone told me that for 2009 they increase 10% penalty fee to 25% penalty tax fee.. is it truth? |
Answer 1/1 - Submitted 1/18/2010
The $12000 will get put on your tax return as income. If you are under 59 1/2, you will also owe a 10% early distribution penalty (this has not changed).
The total amount of tax that will be owed on this distribution will depend on the type(s) and amount(s) of your other income, as well as your deductions and exemptions.
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