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How much will I pay in taxes on withdrwaral from 401k account?

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I have about $20,000.00 in a retirement account rolled over from a previous employer that I would like to withdraw. Since I am only 45, it's my understanding that I will have to pay federal taxes plus a 10% penalty which totals about 30%. Is this correct? Thank you.


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Answer --> Question 125371

Related topics:
Early withdrawal penalty  Retirement Age  Rollover   401k



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