Level 15
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Retirement tax questions

No. The payments that you had withheld were only estimated. Your actual tax is calculated on your tax form, and takes into account all of your income, all of your deductions, and the early withdrawal penalty. You also get credit for the back up withholding as well as any other withholding and payments. In the end you may owe more,  or you may get a refund.

 Depending on your total income, the most likely tax rate for the withdrawal is either 15% or 25%, plus the 10% penalty.  But you have to do the forms to be sure. And don't forget state income tax.