How does one calculate the tax liability for a premature 401k distribution? I recently withdraw about $50K from my 401K to start a new business and I didn't have my brokerage company withold any taxes from it when it was disbursed. I guess what I made was a premature distribution that is subject to the penalties and taxes.
How do I go about figuring what my tax liability would be come April 15, 2009? |