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Oct 16, 2024
4:21:15pm

notsofast All-American

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notsofast

Bio page: notsofast
Joined: Sep 11, 2006
Last login: Oct 16, 2024
Total posts: 11,045 (73 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

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

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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