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You are here: Home   Categories   Taxes   401k  Only 26- 2,645 balance & loan 1,443. What wld the taxes be if I cash out? How much would I receive?
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Find more related questions to Only 26- 2,645 balance & loan 1,443. What wld the taxes be if I cash out? How much would I receive?
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Submitted 507 days ago...

Livid969

Livid969

New User (1)

Only 26- 2,645 balance & loan 1,443. What wld the taxes be if I cash out? How much would I receive?

Only 26- & just got laid off. I have a 410K with only 2,645 and a balance on a loan of 1,443 (loan was to help pay for my uncle's funeral). I know all of the aritcles and experts state that I should not cash out but I am determined to pay off all my credit cards (balance only being just under 2000) I currently own my home and would like to continue my retirement plan in the housing market.

Please let me know the total amount I would receive after penalties as well as the estimated taxes I would pay after cashing out.

Thank you in advance!

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Answer 1 / 1 - Submitted 507 days ago...

Fakery

Fakery

Brain (2,579)

That would be a question to ask whoever runs your 401k.

with the penalties, i would think there might not be a chance you would be able to pay off the loan, depending on how much the penalties were.

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