826021
i am thinking of leaving my job and withdrawing my 401k money. i don't have state income tax. i know is a penalty fee for early withdrawl what do i owe in taxes on 72,000 dollars? can you assist me with that?
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are you single or married? (affects which tax tables you'll need to use)
are you over or under 59 1/2 years old? (if under, there is going to be a 10% tax penalty; if over, no penalty)
If you don't need the money right away, you can roll it into an Traditional IRA tax free otherwise a 401(k) distribution is taxed as ordinary income at whatever your marginal tax rate is plus an additional 10% early distributions penalty if you are under age 59 1/2 (or age 55 at the time of separation from service).
For example, if you are in the 25% tax bracket and subject to the penalty then a 35% tax would be reasonable.
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