https://ttlc.intuit.com/community/taxes/discussion/401k-withdrawal/01/3399630#M1252940 <P>Hello! How can I figure out if withdrawing $$ from my 401k early affect my taxes (i.e. will I end up having to pay taxes, instead of getting a refund)?</P> Wed, 30 Oct 2024 19:44:02 GMT saspivey 2024-10-30T19:44:02Z https://ttlc.intuit.com/community/taxes/discussion/401k-withdrawal/01/3399630#M1252940 <P>Hello! How can I figure out if withdrawing $$ from my 401k early affect my taxes (i.e. will I end up having to pay taxes, instead of getting a refund)?</P> Wed, 30 Oct 2024 19:44:02 GMT https://ttlc.intuit.com/community/taxes/discussion/401k-withdrawal/01/3399630#M1252940 saspivey 2024-10-30T19:44:02Z https://ttlc.intuit.com/community/taxes/discussion/re-401k-withdrawal/01/3399707#M1252941 <P>Making an early withdrawal from your 401(k) can lead to a 10% penalty on the early withdrawal amount.&nbsp; Please see the following link for more information:&nbsp;</P> <P><A href="https://turbotax.intuit.com/tax-tips/retirement/an-early-withdrawal-from-your-401k-understanding-the-consequences/L0M8yJMYS?srsltid=AfmBOorJb91h5kUprkl1WHOsDriMRdjp2aj-73tcOUwyzcU8sHrKLoU6" target="_self">https://turbotax.intuit.com/tax-tips/retirement/an-early-withdrawal-from-your-401k-understanding-the-consequences/L0M8yJMYS?srsltid=AfmBOorJb91h5kUprkl1WHOsDriMRdjp2aj-73tcOUwyzcU8sHrKLoU6</A>&nbsp;</P> <P>&nbsp;</P> <P>You may find it useful to use a tax calculator to help you determine the overall effect an early 401(k) distribution will have on your Federal tax outcome (receiving a refund or paying a balance due).&nbsp; TurboTax will release a 2024 tax calculator later this year.&nbsp;</P> <P>&nbsp;</P> Wed, 30 Oct 2024 20:13:22 GMT https://ttlc.intuit.com/community/taxes/discussion/re-401k-withdrawal/01/3399707#M1252941 bbaker11 2024-10-30T20:13:22Z