F I cash out of my 401k early, worth 12k and after taxed I bring home 6-7k, will I still owe when I file taxes; even though I am already being taxed upon withdrawal?

[dshields611]

I am cashing out of my 401k early; worth 12,500. With the early penalty fee and the taxes I will only bring home around 6,000 - $7,000. When filing my taxes will I still have to owe even though I was already taxed and almost half was already taken? if so around how much would I have to pay when I file taxes?

[VolvoGirl]

You won't know until you do your tax return.  The withholding may be enough or you may owe more.  

You don't actually pay the tax or 10% penalty (you pay a 10% early withdrawal penalty if you are under 59 ½).  You had taxes withheld like from your paycheck. You still have to enter the whole amount (before taxes were withheld) with your other income to figure out the total tax (and it may put you into a higher tax bracket)  and then the withholding is subtracted from the total tax to figure your refund or tax due.  The withholding will show up on 1040 line 64 (1040A line 40).   The 10% penalty is on 1040 line 59.

[SweetieJean]

and remember your state taxes as well.

[SweetieJean]

If you do not need the money now, consider rolling all or part of it into an IRA. Losing a big percent to taxes now is not good.