Welcome! | Ask A Question
Asked 4/1/2009
|
Cashing 401k early I have cashed 11,000 of my 401k early,how much will i have pay at tax time |
Answer 1/2 - Submitted 4/2/2009
They should have taken out 20% federal tax when they cut you the check..($2200) so you should have received around $8800 (there was probably a distribution fee and possibly state taxes depending where you are)---- if you are under 59 1/2 you will have to pay when you file your taxes the 10% early withdrawal penalty ($1100)----
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
If co. is closing permanently. when given option of cashing in the 401k or rollover to ira are you penalized for cashing in before age 59 1/2?
I know the difference between the two is whether it is taxed now or upon cashing it in. what i don't know is which plan is more beneficial for a 40 year old.
|
401k early withdrawal penatlies? If co. is closing permanently. when given option of cashing in the 401k or rollover to ira... |
|
Which is better, a roth 401k or a regular 401k? I know the difference between the two is whether it is taxed now or upon cashing it in. what... |
|
I was wondering i got let go at work whom do i contact about cashing all the way out on my 401k I got a balance owed of like 500 dollars , in my 401k but i wanna take it all out. how do... |
|
What is the total penalty for cashing out a 401k? 54 years old, $ 37 k is the value of this... |
|
How do i cash in my 401k. whats the most i can get I am interested in cashing in my 401k. i want to know how much can i get. can i get the entire... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.