Tax Implication for early 401k withdrawal?


Tagged with:
1 reply [Last post]
shawn07
I am Luvin TheGuG
Member for 5 years 41 weeks
GuG-Points: 2

A little background.
Im 50 yrs old on social security disability. I need to withdrawal $8500 from 401k with no plan of paying it back. I realize there is a 10% early withdrawal penalty. My annual SS inclome is roughly $13000 plus long term disability annually payments of $1320. I'm divorced. Filing Head of Household w/ my elderly aunt as a dependant who recieves $8656 annually. My question is what federal tax liability am I responsible. Do I have to pay taxes on the full withdrawal amount to the feds or will standard tax deductions lessen the burden?
Thanks for any info.
If anyone needs a little more info let me know.

Comment viewing options

To prevent automated spam submissions leave this field empty.
Select your preferred way to display the comments and click "Save settings" to activate your changes.
Hot2na
I am checking out GrownUpGeek.Com
Member for 7 years 38 weeks
GuG-Points: 272
Re: Tax Implication for early 401k withdrawal?

shawn07 wrote:

Do I have to pay taxes on the full withdrawal amount to the feds or will standard tax deductions lessen the burden? 

a few more details would be needed to get you an accurate answer - - so this link to the IRS.gov site will take you directly to the early distribution/withdrawal page.

they also offer "Free" assistance in person and over the phone to certain individuals with disabilities. you can get to that information here.

><))))'>  

Post new comment

The content of this field is kept private and will not be shown publicly.
To prevent automated spam submissions leave this field empty.