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

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.

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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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