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dianewynn81
New Member

I am over 59 1/2 and taking out my 401k and retirement early. How much federal and wisconsin state tax will be withheld

 
2 Replies
VolvoGirl
Level 15

I am over 59 1/2 and taking out my 401k and retirement early. How much federal and wisconsin state tax will be withheld

Ask the 401K plan how much they will take out.  Or you have to tell them the percentage you want to have taken out.  Be careful, the distribution will add to your other income and may push you into a higher tax bracket.  So if you don't need it you can roll it into a IRA.
xmasbaby0
Level 15

I am over 59 1/2 and taking out my 401k and retirement early. How much federal and wisconsin state tax will be withheld

"I am over 59 1/2,,,,"  If you are OVER 59 1/2 then it is not early, and you are not subject to the 10% early withdrawal penalty.  Your retirement fund distribution will be taxed at your ordinary tax rate on your federal return and if retirement income is taxed in your state, at the rate your state has determined.

You will receive a 1099R in late January/early February which you will need to enter on your 2017 tax return.

 Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 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.**
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