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Retirement tax questions
No way to know. You have to enter it into your tax return to see.
If you take a Withdrawal it is taxable on your return and may push you into a higher tax bracket and more income can reduce or eliminate some credits you may qualify for. So be careful. Then there is a 10% Early Withdrawal Penalty if you are under 59 1/2 or under 55 if you left that job.
They probably will take out a set amount of withholding like 10%. That may or may not cover the increase in tax on your total income.
‎April 25, 2021
7:36 AM