Ask a Question
or
Create a Poll
  1. Home /
  2. Questions /
  3. Finance
  4. / Retirement
  5. / 401k Withdrawals

by Nicole on May 4th, 2004

Nicole

Question

Help answer this question below.

What penalties and taxes would be incurred for early withdrawal on a 401k?

  • Like
  • Report
Share:
Other

Answers. 1 helpful answer below.

  • by Duane Roelands on May 6th, 2004

    Duane Roelands

    According to the Internal Revenue Service in the USA, you must wait until age 59-1/2 before you can withdraw from your IRAs or 401(k)s.

    In general, if you withdraw from retirement plans before age 59-1/2, you will incur a 10 percent federal penalty on the investment, a state penalty, and, on traditional IRAs, applicable income taxes.

    (http://money.cnn.com/2000/07/31/pensions/q_retire_withdrawals/)

    1 comment | Post one | Permalink

Want to attach an image to your answer? Click here.

Did this answer your question? If not, then ask a new question or create a poll.

More Questions. Additional questions in this category.

You're reading What penalties and taxes would be incurred for early withdrawal on a 401k?

Follow us on Facebook!

Related Ads

Related Questions

Professionally Researched

ANSWERBAG BUZZ

401k plan early withdrawal penalty
401k early withdrawal without penalty
Penalties for early withdrawal of 401k
Early withdrawal from 401k without penalty
What are the penalties for early 401k withdrawal

Answerbag

a Demand Media company