How will it affect my taxes if I take money from my 401k
02227
2 Replies
xmasbaby0
Level 15
Jun 4, 2019 11:35:11 AM
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.
SweetieJean
Level 15
Jun 4, 2019 11:35:13 AM
But no penalty if you separated from the job that has the 401(k) at age 55 or more.