borrowed 401k-how much on taxes do i owe

[barstow]

What is the name of your state (only U.S. law)?
california


My husband took 30,000 from his 401k. with no intentions to pay back into his 401k,
He was going to count it as income and be taxed on it . since than we have separated, and he wants me to allow him to take more from the 401k so he can pay the taxes. Can you tell me if can he pay on just the 30,000 for this quater, sept 15-08. Or does he have to add the 30,000 with his income and pay taxes at the regular tax time. And can you tell me what would the the taxes be for amount of 30,000 if it was paid by sept 15-08.

Thank You
BarstowWhat is the name of your state (only U.S. law)?

 

[FlyingRon]

First, early 401(k) withdrawals are at the discretion of the employer. They don't have to permit it. Except in certain circumstances, if he's not over 59 1/2, he owes both INCOME TAX (figure up to 35% depending on other income) as well as a 10% penalty.

The tax should be computed at regular tax filing. If a substantial amount is owed, a quarterly estimated tax payment may also be necessary. If he takes it out today, he actually doesn't owe an estimated payment until January. If he did it last month, then he can pay half this quarter and half in January

The state will have their own tax rules (don't know about California).

I'd really talk to a divorce lawyer. The retirement funds are community property and you should be a little careful allowing him to withdraw them in advance of the property settlement.