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Oct 16, 2024
7:47
:43
pm
SwanSong
All-American
If you’re age 55+ the 10% penalty is waived, only if this is your prior job
CA has an added 2.5% excise tax on top of the Federal 10% excise tax.
Not sure if UT piles on like CA, for folks subject to this penalty (age 55 can avoid it if your last job)
Only 20% is withheld (you can often elect to not have any withheld) but you owe Fed and State tax when you file your taxes as ordinary income.
https://www.bankrate.com/retirement/rule-of-55/#:~:text=The%20rule%20of%2055%20is,year%20they%20reach%20age%2055
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This message has been modified
Originally posted on Oct 16, 2024 at 7:47:43pm
Message modified by SwanSong on Oct 16, 2024 at 7:48:55pm
Message modified by SwanSong on Oct 16, 2024 at 7:49:30pm
Message modified by SwanSong on Oct 16, 2024 at 7:49:58pm
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SwanSong
Previous username
VballDad
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SwanSong
Joined
Oct 19, 2014
Last login
Oct 16, 2024
Total posts
8,424 (10 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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