I left my job 2 years ago and I still have my 401K with them. I want to cash out to pay off some of my dept. I'm going to pay the taxes and penalties up front. I'll be cashing out about 6,000 plus, how much will I have to pay?
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it depends on what your current income is. The standard withholding is 10%. Unless you make a significant amount of money, this should cover it. On top of that 10%, you will also have to pay 10% penalty. So You'll probably have $4000 left over. -
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