How much can I expect to pay back in taxes for cashing out part of a 401K (roughly 20K), having already paid 20%in taxes and 10%penalty?

[citymom123]

I cashed out part of my 401K (20K) after leaving my job this year. 20% was withheld for taxes, as well as a 10% penalty. My question is: After filing my tax return in 2017, is there an additional percentage in taxes I should expect to pay? Or will the 20% already withheld cover that?

[jerry2000 · Accepted solution]

It depends on how much other income you have. The 401k withdrawal is added to your other income and taxed at whatever your marginal tax rate is. If your marginal tax rate is more than 20%, then you will owe more income tax.

[SweetieJean]

Also remember State taxes;.

[citymom123]

Meaning I will need to pay additional state taxes?

[SweetieJean]

Which State? Were any state taxes withheld?