Question: 401k question pls help?

(Posted by: a a on 2010-01-13 14:17:20)

Hi everyone i have a 11000 on my 401k and im planning to lansome or withdraw it. im 23 yrs old. my question is how much is the total take home money for me after tax and penanlty fee. thanks

Posted by: Pipingbob on 2010-01-17, 14:05:49

Assuming you are able to withdraw the money, the federal government takes 20% off the top....when you file your taxes for this year, you will also have to declare the 401 as income and could have to pay even more