If this is not COVID-related:
You can use the TaxCaster or IRS calculator to estimate the tax you will owe. It will likely be between 25% and 34%, depending on your total income, and including the 10% penalty for early withdrawal.
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
https://www.irs.gov/individuals/tax-withholding-estimator
NE's state income tax rate is 6.84%, there is no state tax penalty for early withdrawal.
If you can certify the withdrawal is due to a COVID-related hardship, you have additional options:
- You don't have to pay the 10% penalty for early withdrawal,
- You can spread the income tax out over 3 years.
- You can put the money back within three years and get any tax you paid refunded to you.
