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Level 3

i'm withdrawing $100,000 from my 401k i'm 60 yrs old how much will that effect my 2020 tax return

401 withdrawal

2 Replies
Level 16

i'm withdrawing $100,000 from my 401k i'm 60 yrs old how much will that effect my 2020 tax return

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/

 

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Level 11

i'm withdrawing $100,000 from my 401k i'm 60 yrs old how much will that effect my 2020 tax return

This action will affect your 2019 tax return, not 2020.