How will it affect my taxes if I take money from my 401k
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How will it affect my taxes if I take money from my 401k

 
2 Replies
Level 15

How will it affect my taxes if I take money from my 401k

If you are younger than 59 1/2 there is a 10% early withdrawal penalty, and you will also pay ordinary tax on the amount you take out, which you will combine with your other income.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Level 15

How will it affect my taxes if I take money from my 401k

But no penalty if you separated from the job that has the 401(k) at age 55 or more.
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