401k early withdrawal

[tmango]

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?

[lgslgs]

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

[sweeps]

Re: 401k early withdrawal

It goes to our war effort in Iraq.

[TinyFish]

Re: 401k early withdrawal

Don't do it, tmango! Or at least, try very hard not to!!!

-TinyFish

[tmango]

Re: 401k early withdrawal

oh not at all considering it.... just always wondered.