you_as_of_a
New Member
I am going to be working here for an assignment which lasts only two years and then moving back to India. My employer has a 100% match program...max upto 6%. This means if I contribute 6%, my employer will also contribute 6%.
My question is that is it worth bothering with 401k in my case? I am only aware of two deductions that will happen if I withdraw after two years -
1. 30-35% Federal Tax.
2. 10% Penalty tax
Does anyone know if State tax (Ohio) will be applicable to this? If yes, what percent?
If only above two deductions happen then I might be able to get some extra money since my employer is contributing 100%. Any thoughts? suggestions?
Thanks!
My question is that is it worth bothering with 401k in my case? I am only aware of two deductions that will happen if I withdraw after two years -
1. 30-35% Federal Tax.
2. 10% Penalty tax
Does anyone know if State tax (Ohio) will be applicable to this? If yes, what percent?
If only above two deductions happen then I might be able to get some extra money since my employer is contributing 100%. Any thoughts? suggestions?
Thanks!