The withdrawal was made June 27. When I make a 401K withdrawal I can choose what percentage to have withheld for taxes. The default is 10% at my financial institution and the maximum is 99%. I usually change it to 24% because that's my marginal tax rate and don't want to come up with the money on April 15th. What I was planning to do is withdraw an amount close to to 24% of the original withdrawal however I was going to have the amount withheld for taxes at 99% which would mean the majority will go to my total withholding. For example I just started a test withdrawal of $5,000 and at a 99% withholding $4,950 would go to taxes and $50 to me.
I knew there was a schedule but didn't know if that applied only to sole proprietors, partners, and S corporation shareholders who have to make quarterly estimated tax payments. I'm still working so most of my income is salary with normal withholding.
