Early Withdrawal Retirement Accounts
December 24th, 2007
Question: If I withdraw $23,000 from my thrift savings account (retirement account), how much will I owe for taxes ?
I know I will get hit hard on the taxes for the Early Withdrawal, but do you know how much ? 20% …. 30%…..40% ? I’m still currently working full time, but need the money to pay off debt.
Answer: ten% penalty…..plus regular incoime tax
Is There Asset Protection with Your Retirement Account?
Posted in Early Withdrawal | 
Tags: 401k, early withdrawal retirement accounts, ira, retirement, tax, taxes