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Started By
Message
re: 401K fees & taxes
Posted on 1/25/24 at 10:31 am to TorchtheFlyingTiger
Posted on 1/25/24 at 10:31 am to TorchtheFlyingTiger
Thanks for all of the info.
Had a call with the company this am to inquire and it is immediate 20% Fed tax payment. Then at tax time fed taxes and 10% early withdraw fee.
Had a call with the company this am to inquire and it is immediate 20% Fed tax payment. Then at tax time fed taxes and 10% early withdraw fee.
2
Posted on 1/25/24 at 11:25 am to Tiger9376
quote:
Had a call with the company this am to inquire and it is immediate 20% Fed tax payment. Then at tax time fed taxes and 10% early withdraw fee.
Like all withholding, the 20% goes toward what you will eventually calculate to owe when you file your tax return.
Posted on 1/25/24 at 12:18 pm to Tiger9376
quote:
Had a call with the company this am to inquire and it is immediate 20% Fed tax payment. Then at tax time fed taxes and 10% early withdraw fee.
Yeah but the 20% is generic - it has nothing to do with your actual situation or liability.
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