Solved
Lost job and looking to cash out 401k, there is about 70k in it. What is that tax implications between taking it out now or waiting until after dec 31? Age 55. Utah.
No text available
It will be taxable and a 10% Early Withdrawal Penalty since you are under 59 1/2. Doesn't matter what year. But yes take it out the year you expect to have the less income. Or there isn't a early penalty if you stopped working there and you are 55 or older, so you might avoid the 10% penalty.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
