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Tax penalties for withdrawing 401k early now and at end of year

@Clbh4900 

 

No one can really tell you that.

 

The 25,000 is added to all your other income for the entire year, so there is no way for any of us  to tell what tax bracket you will be in, after whatever deductions you have.   If your other income is fairly low, the standard 20% federal withholding should be enough...but if your other income is high, see if you can get them to withhold 25 or 30%.  (Plus 5-10% for your state if it has an income tax).

 

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If you are using the 2018 desktop software, you could model it in a second test copy of your 2018 tax file  (first bumping up your age a year), and adding in that extra 25,000.  Tax rates are close enough to do that for a quick calc..probably can't get a closer estimate anyhow.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Tax penalties for withdrawing 401k early now and at end of year

@xmasbaby0 

 

Damn...……. I wish they would warn us someone else is answering !

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Tax penalties for withdrawing 401k early now and at end of year

@SteamTrain Have they ever listened to us?

**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.**

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