Solved: Approximately how much will I be penalized for taking $14000 out of my 401K?
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Approximately how much will I be penalized for taking $14000 out of my 401K?

 
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Approximately how much will I be penalized for taking $14000 out of my 401K?

The standard penalty for an early withdrawal from your 401(k) is 10%.  You will then have to claim the $14,000 as income, which will result in an additional tax obligation which is dependent on your other income, deductions, and credits.

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Approximately how much will I be penalized for taking $14000 out of my 401K?

The standard penalty for an early withdrawal from your 401(k) is 10%.  You will then have to claim the $14,000 as income, which will result in an additional tax obligation which is dependent on your other income, deductions, and credits.

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