Left to another firm. For my 401K, I have 2 options. Rollover funds to new firm or withdraw all funds in cash. If I were to withdraw all the funds, how much would roughly would I be taxed + penalized?

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Posting as :
works at
You are currently posting as works at

It's taxed as income +10% penalty. Hold on to that safety net.

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30%

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Idk but don't do it!

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The number was what I was told when I was considering a rollover vs a withdrawal

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What if it's a Roth?

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^isn't that a bit low? Wouldnt it be my normal taxation (around 35%) + some type of penalty?

You could also just withdraw a partial, small amount if you need it for something

Got it! Thanks JPM1

Also, if I were to withdraw, would the deductions be done immediately or the following tax season?

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