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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15308
Experience:  15years with H & R Block. Divisional leader, Instructor
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I like to do hardship withdrawal from my 401k to purchase a

Customer Question

Hi, I like to do hardship withdrawal from my 401k to purchase a house. My income is about 120000 per year. and I am 41 years old. How much of tax I will have to pay?
Thanks,
Nahid
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello,

A distribution from your 401k is going to add to your other income for the year and then all is taxed at the rate for that amount and your filing status.

Each filing status has its own tax brackets, but the tax rates are the same for all filing statuses.

If you are single and have $120k a year in wages then you are in the 28% bracket. The amount you take out may push you into the next bracket (33%).

Because you are not 59 1/2 you would add 10% of the distribution also as a penalty.

Expert:  Robin D. replied 1 year ago.