401 withdrawal
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Since you are over 591/2, there is no 10% penalty on your withdrawal from your 401K. The 401(k) plan provider will be required to withhold 20% for federal income taxes and 2% to 8% for state income taxes, depending upon state of residence. 401(k) withdrawals are taxed like ordinary income. You can get an idea of your taxes for 2019 by using TurboTax's TaxCaster. I am not sure if it has all the 2019 tax information but it will still give you an idea of whether you will get a refund or owe.
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
This action will affect your 2019 tax return, not 2020.
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LHoch
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merldicks
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