I'm 67 (hard to believe)..but I just want to transfer most of it to a savings account of another carrier (to take care of some expenses this year). Fidelity told me I could withdraw the entire amount, but it would have an affect on my taxes but if they withhold taxes on the distribution (which I expected), then I should not be taxed additionally on the amount withdrawn. When I asked them last year, they told me to look at my tax bracket and they could determine what amount could be drawn; but this time they asked me to consult with a tax advisor to make sure what amount I should withdraw.
Isn't there some sort of equation where I can figure out how much I can withdraw w/o increasing my taxes? ie. If I have $13,000, and I only asked for 15% of $13,000 - would it be safe to withdraw $11,000 as a lump sum? They said something to the effect that I could withdraw the entire amount, but it would be taxes later on.
