No. Withholding doesn't matter. It's based on the tax on the income which is the gross amount of the 401K withdrawal. And it may make some of your SS taxable. Are you married or single?
Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:
Married Filing Jointly: $32,000
Single or head of household: $25,000
Married Filing Separately: 0
If you are Single your income will be 38,000+maybe half of SS
then minus the Standard Deduction of 15,700
gives you the taxable income
I don't know your SS and I don't know what the tax will be on your income. But the EV credit will only reduce the tax to zero. If it does reduce it to zero you will get all your withholding back.
