2006-08-03 02:57:45 · 7 answers · asked by Diesel Weasel 7 in Business & Finance ➔ Taxes ➔ United States
You pay a 10% penalty and then you pay income tax when the time rolls around, and depending on how much your withdrawal is, it can raise your tax bracket and you pay more tax overall. It's not a good thing to do unless it's an emergency.
I withdrew from my 401(k) once, but was not penalized because I put it back within 60 days. So, if you need the money right now, but have more coming to replace it from another source, this is something you should ask the account administrator.
2006-08-03 03:12:24 · answer #1 · answered by misslabeled 7 · 2⤊ 1⤋
Income taxes and an early withdrawal penalty of 10%.
2006-08-03 10:00:43 · answer #2 · answered by zzzzzzzzzzzzzzzzzz 4 · 0⤊ 0⤋
Any answers to this can be violating a federal law if not by someone with their securites license. Ask a broker.
2006-08-03 10:03:48 · answer #3 · answered by rutchy 3 · 0⤊ 0⤋
Dear Diesel,
See the IRS webpages, which I've linked to below, along with other sites.
-j.
2006-08-03 10:03:14 · answer #4 · answered by classical123 4 · 0⤊ 0⤋
Yep, 10%
You get hammered. Live it where it is or roll into another account.
2006-08-03 10:01:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
lol... dont worry they will liquidate a large portion of it for you
2006-08-03 10:06:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
DON'T DO IT! PLEASE!!
2006-08-03 10:01:26 · answer #7 · answered by kitty fresh & hissin' crew 6 · 0⤊ 0⤋