1 Cool on a wire rack for just a few minutes, then place on cake platter. 2  To make the glaze, mix together in a small saucepan 1 cup sugar, water, 1 teaspoon coconut extract, and walnuts.3  Boil for 1 minute, and pour over still warm cake. Cool on a wire rack for just a few minutes, then place on cake platter. 2  To make the glaze, mix together in a small saucepan 1 cup sugar, water, 1 teaspoon coconut extract, and walnuts.
In addition to federal and state income tax, investors younger than 59Â½ who cash out have to pay a 10% early withdrawal penalty. The potential result: Cashing out $50,000 in 401(k) savings may leave just $35,000 in cash after 20% withholding and a 10% early withdrawal penalty.n addition to federal and state income tax, investors younger than 59Â½ who cash out have to pay a 10% early withdrawal penalty. The potential result: Cashing out $50,000 in 401(k) savings may leave just $35,000 in cash after 20% withholding and a 10% early withdrawal penalty.
Report 401(k) withdrawals on form 1040. The laws that established 401(k) retirement accounts sought to preserve the funds in those accounts for retirement. You can withdraw money from your account without penalty once you reach age 59 Â½, but in most cases, if you make an early withdrawal, you owe a tax penalty.eport 401(k) withdrawals on form 1040. The laws that established 401(k) retirement accounts sought to preserve the funds in those accounts for retirement. You can withdraw money from your account without penalty once you reach age 59 Â½, but in most cases, if you make an early withdrawal, you owe a tax penalty.