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Asked 8/3/2009
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Whar penalties and taxes owed on cashing in 401k I am 67 1/2 and would like to pay off my credit cards. I have an old 401k that I would like to use. What penalties and
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Answer 1/2 - Submitted 8/3/2009
You would be looking at 20% tax being withheld when they send you the check.... the 10% penalty will no longer apply ...
If you transfer to an IRA, then withdraw the funds, they do not have to withhold 20% but it would be counted as income for the year...
Depends on if you want to pay the 20% now.. or the tax next year based on income.
401(k)'s have to withhold 20% on any distribution./
Answer 2/2 - Submitted 10/31/2009
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