skip to Main Content
The smarter way
to do assignments.

Please note that this is just a preview of a school assignment posted on our website by one of our clients. If you need assistance with this question too, please click on the Order button at the bottom of the page to get started.

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.

GET HELP WITH THIS ASSIGNMENT TODAY

Clicking on this button will take you to our custom assignment page. Here you can fill out all the additional details for this particular paper (grading rubric, academic style, number of sources etc), after which your paper will get assigned to a course-specific writer. If you have any issues/concerns, please don’t hesitate to contact our live support team or email us right away.

How It Works        |        About Us       |       Contact Us

© 2018 | Intelli Essays Homework Service®