2006-07-22 17:26:33 · 5 answers · asked by joseg13 2 in Business & Finance ➔ Personal Finance
how much will i lose on taxes and penalty
2006-07-22 17:33:44 · update #1
There is a 10% penalty for cashing out before age 591/2. So you will have your normal tax rate (20 to 30%) plus 10%. Don't do it! Save your money for retirement.
2006-07-22 18:04:45 · answer #1 · answered by BluedogGirl 5 · 0⤊ 0⤋
if youre under 59.5 years old, youll suffer a 20 per cent penalty and normal taxation probably 10 per cent to uncle sam probably around 7000 dollars wqill be gone depending on your state tax burden
2006-07-22 17:36:11 · answer #2 · answered by titanbooboo 3 · 0⤊ 0⤋
Don't cash out your 401(k). You should think of an alternative method of financing whatever it is you are planning on using that money for. If you work somewhere else now, you can roll it over instead of cashing out.
2006-07-22 18:52:56 · answer #3 · answered by Swu20 3 · 0⤊ 0⤋
about 11700.00 at a 35% tax rate
2006-07-22 17:30:49 · answer #4 · answered by amglo1 4 · 0⤊ 0⤋
10530 after penalties and taxes. You'll regret it if you do. I don't know of anyone that doesn't regret it after they do it.
2006-07-22 18:34:29 · answer #5 · answered by Chris P 2 · 0⤊ 0⤋