If you are 59 1/2 you will not have to pay the 10% early withdrawal penalty if you take money out of your 401k, but you will pay ordinary income tax on it at the same rate that you pay tax for your other income. You have not told us how much that is, so we do not know what tax bracket you are in.
If you take out the money before the end of 2019, then in January you will receive a 1099R that you will enter on your 2019 tax return that you prepare in 2020. The custodian of the fund will probably withhold 20% which you will enter when you enter the information from the 1099R.
**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.**
