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Will i have to pay more on my 401kprofit sharring, profit sharing already removed 2grand off, 10grand, end year will i pay more taxes?

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If you are under retirement age you will pay income taxes on the amount of the early distribution of your 401K plus a 10% penalty for the withdrawal. The IRS encourages people to save for their retirement by allowing a current exclusion of tax on what you put into your 401K, you pay no taxes when you put it in, it gets taxed when you retire. The 10% early withdrawal penalty is there to discourage people from tapping into their retirement account before they actually retire.

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