Thread: Options
View Single Post
Old 10-13-2009, 04:25 PM
Gerald Gerald is offline
Join Date: May 2009
Location: Lake Charles / Moss Bluff
Posts: 4,646
Cash: 4,079

Originally Posted by cmdrost View Post
IRS takes 10% out for any early withdrawal. Then the rest is treated as normal income, so depending on your tax bracket (if in 25% tax bracket), its a total of 35% going to the IRS. Again, could be higher or lower depending on your bracket.

????? Early withdrawals

I believe there is an exemption on anything less than $ 10,000 taken out of an 401K plan. If you take out less than $ 10,000 from a 401K plan.....there is no 10 % penalty.

Is this correct?????
Reply With Quote