WSO -
I need your help.
I moved to a new firm and need to make decision on my 401K funds accrued from my previous firm.
I have 2 options. One, rollover funds to new firm. Or second, withdraw entire or partial funds in cash.
Question is, not that I'm taking this route but out of curiosity, if I were to do a lump sum withdrawal, what would my tax implications be? Would it be my normal taxation (around 35%) + some type of penalty? Also, would this be deducted now or in the following tax season?
I'm sure ideally it'd be best to rollover funds, but wanted to know what my options were.
Thanks a lot in advance.
