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401k early withdrawal 401k early withdrawal

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Old 10-03-2006, 02:05 PM
tmango tmango is offline
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Default 401k early withdrawal
Ok,
So when you take an early withdrawal from your 401k, you may have to pay penalties and taxes. I understand the taxes, but who gets the penalty?

I am not considering this, just always wondered?
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Old 10-03-2006, 02:13 PM
lgslgs lgslgs is offline
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Default Re: 401k early withdrawal
10% penalty straight to the IRS on page 2 of the 1040. The penalty is added on after your taxes are calculated, so even if you owed nothing in taxes you'd still owe the full 10% in penalty.

It's generally not a good idea.

Lynda
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Old 10-03-2006, 02:39 PM
sweeps sweeps is offline
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It goes to our war effort in Iraq.
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Old 10-04-2006, 01:20 PM
TinyFish TinyFish is offline
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Don't do it, tmango! Or at least, try very hard not to!!!

-TinyFish
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Old 10-04-2006, 01:27 PM
tmango tmango is offline
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oh not at all considering it.... just always wondered.
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