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Asked 2/14/2010
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What is the tax rate for early redemption on a 401K? I am not working, and I may need to redeem my 401k in the amount of $25,000 prior to the age of 59 1/2. How much will I receive?
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Answer 1/2 - Submitted 2/14/2010
Answer 2/2 - Submitted 11/7/2010
You will need to look up this years tax bracket calculation to determine what percentage you will owe on federal taxes. In addition, you will lose 10% off the top ($2,500 as a penalty for early withdrawal). A good rule of thumb is to plan on 40% being taken out as a worst case. When the check comes it will be slightly more than you planned and won't be a disappointment.
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