I unfortunately lost my job (am under 35). I have to withdraw my 401(k) to meet financial obligations. If I withdraw my 401(k) now, 14% tax is being withheld from my total savings and the balance will be deposited into my bank. Apart from the 10% penalty do I have to still pay tax next year when I file my return? Is there a way I can calculate now how much more tax I will be liable for next year in addition to the 14% tax being charged?
