3 ms·
And cashing out your 401k while holding a Top Secret clearance sounds like a major red flag. If he did cash it out, I wonder if he stuck around to pay the tax
by strickjb9 13y ago
And cashing out your 401k while holding a Top Secret clearance sounds like a major red flag. If he did cash it out, I wonder if he stuck around to pay the tax penalties for doing so?
- 300bps 13y ago401k administrators are required to discount any 401k payout by an estimate of the amount of tax you would owe including the 10% penalty. So if you cashed out $100,000 you'd likely only received a check for about $60,000. The rest would go directly to the IRS and if that made you pay too much you could get your refund the following year. The IRS always get paid.