Visitor I

How much to save?

We took out a 401k loan. He got a new job. The 401k said they'd keep the remaining loan balance and transfer the remaining 401k to the new one and send us a 1099. How much should we save for taxes because of the 1099? (Loan balance is 20k)
1 Comment
Catalyst V

How much to save?

Income tax in whatever tax bracket you total income puts you in and then the 10% penalty for early withdrawal if he's under 59 1/2 years old.   Your state may have a penalty as well.