That will be taxable as ordinary income at whatever tax bracket you will be in. There is not way to answer without knowing all other income and your estimated AGI. Add to that a 10% early distribution penalty.
For example, if you will be in the 24% tax bracket then figure that about 34% will be taxable. State tax if it applies will be additional. Note that the $120K might (will probably) push you into a higher tax bracket.
Unless you have an immediate need for the money it might be better roll it tax free into a Traditional IRA and then take smaller distributions as needed.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
