401 (k) early withdrawal penalty calculation

[puneet.maini@gmail.com]

Guys,

Do you know what is the exact amount on which 10% penalty is imposed
when you would withdraw money from your 401(k) account? Is it on the
absolute amount you have in your 401(k) account?

Some background info abt me:
I work here in US, but plan to move/settle back overseas after like 3-4
years.

Basically I want to know:
Can I still make some money after the 10% penalty taking into
consideration the money contributed by employer?


Here's the calculation I have:

My Contribution (1 yr) : 3917.99
Employer Contribution (1 yr) : 1958.99

Total (1 yr) : 5876.99
Approx 5 % investment gain : 6170.84

Now, if I would like to withdraw this money what all expenses would I
have to be ready for.

Would the 10% penalty be on 6170.84 ?
On what amount would I have to pay taxes - my + employer contribution?


Thanks a lot in advance!
- Puneet Maini

[joetaxpayer]

wrote:
> Guys,
>
> Do you know what is the exact amount on which 10% penalty is imposed
> when you would withdraw money from your 401(k) account? Is it on the
> absolute amount you have in your 401(k) account?
>
> Some background info abt me:
> I work here in US, but plan to move/settle back overseas after like 3-4
> years.
>

Yes the 10% penalty is on the entire withdrawal and income tax is also
due on the entire amount. I don't know what the rules are for taking
such money back home (outside US). Someone who has knowledge of that
might reply as well.
JOE