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Old 12-07-2016, 03:18 PM
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Estimated tax amount after 401k withdrawal?

Because I don't want to file bankruptcy, I am entertaining the idea of cashing out my 401k when I get another job. If I do so, I know I will have heavy taxes and fees. Currently, I have 46,269 in my 401k. I was making $61,777 ( On top of which I received a 17 percent bonus that I claimed exempt on) until I demoted myself late in the year (around October) and am currently making $48,000. I also have two outstanding loans on the 401k at $5356 and $6050. How much cash will I receive after penalties and upfront tax deductions, and how much will be due during tax season come April next year?



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