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Oct 16, 2024
4:13
:09
pm
allaboutthegainz
All-American
I’m guessing you meant to say “state taxes” in your last sentence.
If so, yes. 10% federal penalty, federal income tax, and UT state income tax.
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allaboutthegainz
Previous username
allboy10
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allaboutthegainz
Joined
Jun 9, 2010
Last login
Oct 16, 2024
Total posts
8,805 (0 FO)
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Messages
Author
Time
What are the penalties in Utah for early withdrawal from 401K? Taxable income rate + a federal 10% fee? So if you
BlueBlood94
All-American
4:10pm
I’m guessing you meant to say “state taxes” in your last sentence.
allaboutthegainz
4:13pm
I am not sure but if you are looking at that also make sure to see if you have the option of doing a loan from the
Clark Addison
4:13pm
Aren't you paying for that money either way--either via interest in paying the loan back, or the taxes/penalty?
BlueBlood94
4:15pm
Yes, but on a loan you are paying back yourself. Versus early withdrawal you
jwalk
4:17pm
You’re paying the loan interest back into the plan.
PresidiCoug
4:18pm
That's the rub. I'm unemployed currently, actively looking for a new job.
BlueBlood94
4:20pm
Ah, that probably makes the loan option not doable for a couple of reasons. Sorry for the sidetrack
Clark Addison
4:23pm
Yes
notsofast
4:21pm
No penalty, if you set it up SEPP withdrawals. Just regular income taxes.
FMCougar
4:44pm
If you’re age 55+ the 10% penalty is waived, only if this is your prior job
SwanSong
7:47pm
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