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by deadbroke on October 24th, 2006

deadbroke

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What are the penalties for withdrawing early from a 401K?

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  • by Stableboy on October 25th, 2006

    Stableboy

    You have to pay taxes at on the money at your current marginal tax rate, plus 10% penalty on the amount withdrawn. So if you take $1000 out, and you're in the 28% tax bracket, you'd pay $280 +$100 = $380 in taxes.

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