I have a 401k plan I need to transfer to my new job. I need money bad and I am thinking of borrowing 4k. How much taxes will I have to pay from 4k?????
2007-11-06 13:34:07 · 4 answers · asked by mark m 2 in Business & Finance ➔ Personal Finance
it could run about 42% and you will had better pay the taxes when you draw the money out so that you do not end up owing a penalty for not paying enough taxes during the current year!!!
2007-11-07 09:50:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You will pay federal and state income tax plus a 10% penalty for early withdrawal. Get the money somewhere else if you can. The tax and penalty could end up eating 40% or more.
2007-11-06 13:42:30 · answer #2 · answered by curtisports2 7 · 1⤊ 0⤋
its comes out to about 21% and u pay that at the end of the year when u pay ur taxes
2007-11-06 13:38:40 · answer #3 · answered by eightballdean 2 · 0⤊ 1⤋
Don't take money out of your 401K! That money is for your retirement.
2007-11-06 15:03:30 · answer #4 · answered by LM-723 1 · 0⤊ 0⤋