Thank you all for your time. In short the answer is "yes" at the Federal level. A non exempt early withdrawal from a 401k is subject to the standard Federal income tax rate for the same year, plus an additional penalty at 10% of the total amount withdrawn. However, since I have no other taxable income for the year, and the total amount of all taxes assessed on the withdrawal (standard income tax, plus 10% of total withdrawal) will not exceed the standard deduction, I will in fact receive a refund for the entire amount. DoninGa kindly pointed out the key term missing from my intended question was "total tax liability" amount. I was able to find supporting documentation for his answer on the IRS website.
