Hello. My wife and I made a terrible mid-2024 mistake of withdrawing from our 401K. We were in bad financial shape at the time and now regret the decision, especially right now when preparing our 2024 tax return. But here we are. The withdrawal amount was $150,000, with $15,000 withheld. Before entering the 1099-R info into Turbo Tax, our federal amount due is $53,000. Once we enter the 1099-R, the amount due jumps to $98,000. I know it's likely correct, but I wanted to see if someone could confirm. I know there are likely numerous factors involved, specifically our income, but my simplified look is we took out $150,000, minus the $15,000, now minus another $45,000. So essentially, it costs us $60,000 to withdraw $150,000. Again, we already know it was a bad financial decision, I just want to make sure we are not missing something. Thank you in advance!
