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Asked 12/2/2008
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Taxes & penalties on 401K withdrawal I was laid off from my job on Sept 1st of this year. I had 3 loans against my 401K which total approx $7341. I do not have the money to repay these loans, so I'm assuming that I will have to pay taxes and penalties on that amount for this year. I have a new job, but my income has been significantly reduced. What is the ballpark percentage normally assessed? Thanks. |
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