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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308349  
Subject: Re: Bankrupt or try to 'gut it out'? Date: 11/2/2012 5:32 PM
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Just for kicks and grins and opinions - below is what creditKarma said about me today (PS: I wonder if a guy can borrow from his pension - let me guess . . . taxes and penalties in the 25% range?!):

If you can't pay back 401K loans, the taxes and penalties are going to be higher than 25%.

The distribution is taxed at your highest tax rate for both federal and state.

Federal penalty is 10%.

Your state may add additional penalties. In CA, the state penalty is an additional 2.5%.
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