401k Withdrawl penalty for education..?

Question

I've been given notice that my position is being phased out. I'd like to go back to school. Is there a penalty to applying my 401k savings towards my education (tuition, living expenses, etc.).

Answer 1

Yes. There is no exemption from the penalty for educational expenses. All distributions are fully taxable as well.

Answer 2

yes
10% penalty
+ tax

if your state has an income tax they usually have a penalty also and tax. My state charges 10% of the Federal penalty