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re: Pulling out of your 401k early.
Posted on 4/30/16 at 5:26 am to Abikaasa_Posti_Teel
Posted on 4/30/16 at 5:26 am to Abikaasa_Posti_Teel
It's not just the 10% penalty he must pay. If the contributions were pre tax, he'll have taxes on that amount since it is considered income. Regardless of the contributions being pre tax, the earnings will also be considered income. The additional income will likely put him in a higher tax bracket.
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