How much penalty and tax would i get if I take out my 401K, I have $12,800?

Question

how much total money do i get? minus tax and penalty for the government.

Answer 1

they will withhold 20% when they make the distribution.  That leaves you $10,240.00.  Likely when you file your taxes you'll owe that 20% PLUS the 10% penalty  of an additional $1,280.

Answer 2

If you are under age 59-1/2 you'll pay a 10% penalty, so that's $1280.  The income tax will depend on your tax bracket - if you are in a 15% bracket for example, federal income tax will be $1920.

Answer 3

It depends on what income tax bracket you are in (so you need to pay 10, 15, 25, 35%?? for federal taxes), and add a 10% penalty on top of that. Subtract the tax you owe and you have your answer. I agree with answerer below, why take it out?  You will pay anywhere from 20-45% income tax on that money-just keep it in 401K for the long term and forget about it, if you leave your job just move it to an IRA if you must, but defer those taxes if you can.

Answer 4

do not take out of ur 401k that is such a bad idea...it will really s***w u over...now and in the end....just really talk about it and think about i.

do not do it.

Answer 5

Some 401K plans allow you to borrow money from yourself. You have to pay back whatever you borrow with interest. The advantage is that this can be done without penalty and you end with a bit more in the 401K after you pay it back.

Answer 6

Income tax at your top federal and state tax marginal rate plus 12.5%