if igot fired how hard will Iget hit with taxes if I take all of my 401k?

Answer 1

If you don't roll your 401K funds into a new IRA or 401K, then you'll get hit with some penalties for sure.

In addition to taxes on the gains, you get hit with a 10% penalty.

Any 401K loans that are not paid back shortly after this timeframe are also considered withdrawals as well.

Here's some additional information you might want to read:

http://www.open-ira.com/IRA_Center/401k_Rollover/401k_options.htm

Hope that helps!

Answer 2

If you take the funds from your 401k out, you will get hit with a penalty of 10% plus about 35% for Federal Tax. If you also have state taxes, add another 10% or so. Overall taking money from a 401k plan is extremely costly. If you were terminated for downsizing etc, look into unemployment BEFORE taking out funds from your 401k. Good Luck

Answer 3

You will have a 10% penalty, plus the money you take out will be taxed as inome.
The amount of tax will depend on your tax rate, which is determined by your income.

You can roll the 401k into an IRA and incur no taxes or penalties

Answer 4

You will have to pay the regular tax rate for your tax bracket as
well as a 10% penalty for taking it out . They will probably keep
close to 30% to make sure they get there money. It is usually
best to roll it into some type of IRA to avoid they penalties
and taxes

Answer 5

Pretty hard.

The distribution would be fully taxable. It might even push you into a higher bracket (which would hit even harder and mean more taxes).

Also, there might be a premature withdrawal penalty of an additional 10% (depends on your age).

Generally speaking, you'll might lose 30% to 40% in taxes and penalties.....ouch!

Answer 6

1/3 of the total amount

Answer 7

25-33 % of it, on the average, but it really depends on your income level.