How much to save?

We took out a 401k loan. He got a new job. The 401k said they'd keep the remaining loan balance and transfer the remaining 401k to the new one and send us a 1099. How much should we save for taxes because of the 1099? (Loan balance is 20k)

posted

Income tax in whatever tax bracket you total income puts you in and then the 10% penalty for early withdrawal if he's under 59 1/2 years old. Your state may have a penalty as well.

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