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

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jchaplin
New Member

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

 
2 Replies
xmasbaby0
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.**
SweetieJean
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.
Dynamic AdsDynamic Ads
v
Privacy Settings