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New Member
posted May 29, 2019 4:56:32 PM

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

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2 Replies
Level 15
May 29, 2019 4:56:34 PM
Level 15
May 29, 2019 4:56:36 PM

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/