J
jinuj
Guest
I work for a US corporation. If I leave the company in January, do not take up a job for the rest of the year and decide to cash out the monies in 401K will I be taxed for the amount upfront or will it just be added to the annual income for 2002 filing? I understand that there will be the penalty for early withdrawal(10%). If the 401K amount gets added to the annual income, I might not pay much tax since the annual income becomes just the 401K amount + January salary.