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janseverance
New Member

How much will I be taxed if I choose to default on a 403B loan of $28,800? I live in NYS

 
2 Replies
SweetieJean
Level 15

How much will I be taxed if I choose to default on a 403B loan of $28,800? I live in NYS

SweetieJean
Level 15

How much will I be taxed if I choose to default on a 403B loan of $28,800? I live in NYS

It depends upon your overall tax situation, but plan on at least 30-40% for Federal + State + 10% penalty.  See this Federal estimating tool:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

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