2006-11-08 02:37:35 · 3 answers · asked by J H 1 in Business & Finance ➔ Personal Finance
i think 10% plus interest and you have to pay it back...Please dont mess with your 401K try to get a loan first. That is a bad move unless you have no other choice. Hers hoping you do!
2006-11-08 02:41:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
if you are not 59 and one- half you can expect to pay federal tax plus 10% penalty plun state tax.
If it is a short term need I would strongly suggest borrowing from your account and then pay yourself back over five years
2006-11-08 03:45:39 · answer #2 · answered by waggy_33 6 · 0⤊ 0⤋
You will pay 1% on any distribution you take. If you liquidate I believe it is a higher amount. I just did this, took out $10,000 and that is the amount of tax I was advised I'd be subject to per my Financial planner.
2006-11-08 02:42:28 · answer #3 · answered by mazziatplay 5 · 0⤊ 0⤋