Federal Income Tax Debt Relief
What is the 401k penalty if you have very low income and have no federal tax burden at all? Only 10%?
If taxes are prohibitive and penalties to take a 401k money, what happens if a person normally has no tax burden (EIT credit recipient)? We are talking only $ 5k for a Debt Relief once associated with divorce. If the penalty is only $ 500, can be a useful option when no other solution available. Is there something I'm missing? "
Well, some plans come with components that allow a hardship to withdraw money without penalty. Yet I'm not sure how the stimulus affect 401 (k) withdrawal, but the normal punishment is 10% more in federal income tax.
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