@pennyapple853
be aware that if you are under age 59 1/2, you will pay a 10% penalty for early withdrawal in addition to regular income tax. If you are married filing a joint return with a spouse and your income is less than $100,000, or if you are single And your income is less than $50,000, you will pay 12% federal tax +10% penalty, so you should estimate between 20% and 25% withholding. if your total income is higher than that, you are in the 22% tax bracket so you should estimate a 30% withholding. Most state is charge between five and 9% income tax, although some states have no income tax and some states can be as high as high as 14%. (The states do not charge extra for early withdrawal, only the federal taxes.)
Remember that if you have two little withheld, you will owe more when you file your tax return and if you have too much withheld, you will get the difference back as a refund.
