1
   

How much in-hand I will get, from 401k withdrawal ?

 
 
Reply Tue 16 Jul, 2019 12:24 am
Hello,
I am in Washington state and employed since past 6.5 years. From my present company I have 20k in my 401k (with Fidelity) and 12k from my previous company (with Hewitt). I will be leaving US permanently and would like to withdraw amount from both accounts.
I know that there would be penalty and tax also deducted, if I withdraw these amounts. Can I get some approx amount, I will be getting in hand ?
If it matters, I am full time salaried with 105k/annul, have one young son and non-working wife.
Thanks
  • Topic Stats
  • Top Replies
  • Link to this Topic
Type: Question • Score: 1 • Views: 160 • Replies: 4
No top replies

 
jespah
 
  2  
Reply Tue 16 Jul, 2019 04:54 am
@dipan2222,
Call Fidelity and ask. This is their job, to explain this sort of thing
0 Replies
 
Linkat
 
  1  
Reply Tue 16 Jul, 2019 03:06 pm
@dipan2222,
If you withdraw money from your 401(k) account before age 59 1/2, you will need to pay a 10% early withdrawal penalty, in addition to income tax, on the distribution (state and federal).

Do the math -
dipan2222
 
  1  
Reply Tue 16 Jul, 2019 03:42 pm
@Linkat,
10% means, there will be deduction of $3,000 and that will leave me with $27,000.
Fidelity can explain 10% penalty thing, but not tax related and I am also not familiar with this. That is the reason, I am looking for a fair idea, how much tax would be deducted from rest of $27,000.
I am in Washington, where we don't pay state tax, if that matters.
cicerone imposter
 
  1  
Reply Wed 17 Jul, 2019 12:59 pm
@dipan2222,
You just have to figure out your federal income tax liability. Just watch the tax rates based on your total income. I withdraw a monthly fixed amount, and have both state and federal taxes withdrawn for it. Sometimes a dollar more or less can make a big difference. I'm lucky; my wife handles all our tax returns since my retirement in 1998.
0 Replies
 
 

Related Topics

401K question - Question by Isaac33
McCain proposes suspending mandatory stock sales - Discussion by Robert Gentel
 
  1. Forums
  2. » How much in-hand I will get, from 401k withdrawal ?
Copyright © 2020 MadLab, LLC :: Terms of Service :: Privacy Policy :: Page generated in 0.03 seconds on 07/11/2020 at 07:56:27