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I have withdrawn $400,000 from my IRA this year, how much tax do i need to have pay on this money? Both for federal and WI state?

I am concerned about how much tax I should have withheld from my $400,000.00 withdrawal from my 401K
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Level 15

I have withdrawn $400,000 from my IRA this year, how much tax do i need to have pay on this money? Both for federal and WI state?

Go to this IRS website for the 2016 Tax Tables and you can calculate the amount of taxes, assuming that the entire amount withdrawn is taxable income - https://www.irs.gov/pub/irs-pdf/i1040tt.pdf#page=90

If you are under the age of 59 1/2 at the time of the withdrawal, there will be a 10% early withdrawal penalty assessed on your tax return.

Or if the withdrawal is from a 401(k), see this IRS Tax Topic for exceptions to the early withdrawal penalty - https://www.irs.gov/taxtopics/tc558.html 

  1. Distributions made to you after you separated from service with your employer if the separation occurred in or after the year you reached age 55, or distributions made from a qualified governmental defined benefit plan if you were a qualified public safety employee (state or local government) who separated from service in or after the year you reached age 50.

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Level 15

I have withdrawn $400,000 from my IRA this year, how much tax do i need to have pay on this money? Both for federal and WI state?

Go to this IRS website for the 2016 Tax Tables and you can calculate the amount of taxes, assuming that the entire amount withdrawn is taxable income - https://www.irs.gov/pub/irs-pdf/i1040tt.pdf#page=90

If you are under the age of 59 1/2 at the time of the withdrawal, there will be a 10% early withdrawal penalty assessed on your tax return.

Or if the withdrawal is from a 401(k), see this IRS Tax Topic for exceptions to the early withdrawal penalty - https://www.irs.gov/taxtopics/tc558.html 

  1. Distributions made to you after you separated from service with your employer if the separation occurred in or after the year you reached age 55, or distributions made from a qualified governmental defined benefit plan if you were a qualified public safety employee (state or local government) who separated from service in or after the year you reached age 50.

View solution in original post