I'm in tough spot financially this month, needing an extra ~$3k for my mortgage payment (I am between jobs and this will not be a long-standing issue). Unfortunately I'm down to withdrawing from my 401k. I'm wondering How much I will need to withdraw in order to have $3k in my hand next week.
Right now I'm planning to take out $4762, as my reasoning being:
Federal Tax = 20%
State = 7% (give or take)
And fee = 10%
i.e. 37% in taxes/penalties, so 63% of $4762 is $3000. Sound right?
Submitted September 24, 2023 at 08:59PM by thisaccountforwork https://ift.tt/Lt8V4ij
