Tax Implication for early 401k withdrawal?


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shawn07
I am Luvin TheGuG
Member for 5 years 32 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.

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Hot2na
I am checking out GrownUpGeek.Com
Member for 7 years 29 weeks
GuG-Points: 273
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.

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