https://ttlc.intuit.com/community/retirement/discussion/re-401k-withdrawl/01/854957#M76830 <P>If you are younger than 59 1/2, you will pay a 10% early withdrawal penalty, plus ordinary income tax on the withdrawal.&nbsp; Why would you want to cash out your 401k all at once?&nbsp; If you are leaving the employer, for instance, you should roll it over into an IRA.&nbsp; You have sixty days after cashing out the 401k to roll it over.</P> Mon, 23 Sep 2019 13:43:51 GMT xmasbaby0 2019-09-23T13:43:51Z https://ttlc.intuit.com/community/retirement/discussion/401k-withdrawl/01/854949#M76829 My question is how bad will cashing out my 401K hurt me at tax time? Currently average 72k a year in annual income, and file single (0). I have around 99K in my 401 before federal and state taxes. Mon, 23 Sep 2019 13:19:36 GMT https://ttlc.intuit.com/community/retirement/discussion/401k-withdrawl/01/854949#M76829 tjspyder96 2019-09-23T13:19:36Z https://ttlc.intuit.com/community/retirement/discussion/re-401k-withdrawl/01/854957#M76830 <P>If you are younger than 59 1/2, you will pay a 10% early withdrawal penalty, plus ordinary income tax on the withdrawal.&nbsp; Why would you want to cash out your 401k all at once?&nbsp; If you are leaving the employer, for instance, you should roll it over into an IRA.&nbsp; You have sixty days after cashing out the 401k to roll it over.</P> Mon, 23 Sep 2019 13:43:51 GMT https://ttlc.intuit.com/community/retirement/discussion/re-401k-withdrawl/01/854957#M76830 xmasbaby0 2019-09-23T13:43:51Z