Taking money out of a 401k is NOT an exception to the 10% early withdrawal penalty. There is an exception to the 10% early withdrawal penalty if you take money from a traditional IRA to make a down payment, but that exception is not applied to early (before you are 59 1/2) withdrawals from a 401k. So....you owe a 10% early withdrawal penalty and ordinary income tax on the distribution from your 401k.
You will get a 1099R that must be entered on your tax return. The software will calculate your refund or tax due based on your total amount of income and tax withheld. And.....of course all of the other variables will be used---like your filing status, standard deduction, refundable credits (if any), etc.etc. etc.
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
