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Tax penalty for 401 full balance cash withdrawal at age 71. thanks?
There is no “penalty” for withdrawing money from your 401(k) after you reach 59 1/2. There would be federal (and possible state) tax considerations though. Whatever you pull out will be taxable income (unless part of it was contributed after-tax which is rare in a 401(k)). To know how much tax liability you will incur, you essentially need to prepare a fictitious tax return and see where things fall. Without knowing…

our other income, marital status, deductions, exemptions, etc., we cannot determine your tax liability for you. You will need to do it yourself. A good trick is to simply go back to your 2014 tax return and add in the amount of the withdrawal and see how much your tax liability goes up.


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