I’m wondering if there’s an issue with how my 401(k) withdrawal is being calculated. Could it be triggering excessive taxes or penalties?

First, in 2023, my blended tax rate was 11.1%, but in 2024, it's showing a 42.2% rate, which is extremely high for just $8,256 in taxable income. That doesn’t add up. Second, my tax liability seems off. In 2023, it was $3,673, and in 2024, it’s $3,486. My taxable income dropped from $33,229 to $8,256, but the tax liability only decreased slightly. Shouldn’t it be a lot lower with such a significant drop in income? Finally, I see I’m getting a refund of $4,409, but when I look at the total taxes paid ($7,895), that seems like too much was withheld. Is it possible that there was excessive withholding on the 401(k) withdrawal, or maybe it’s being double-counted?

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