321052
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

If Im over 591/2 and have w2 income of 64k,ive taken a 20k distribution from 401k and withheld 20% federal and 7%state tax....can i take more out at this percent ?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

If Im over 591/2 and have w2 income of 64k,ive taken a 20k distribution from 401k and withheld 20% federal and 7%state tax....can i take more out at this percent ?

The percent you are taking out is not the true tax rate.  That is determined when you file the tax return.

The 20% is mandatory on a 401K withdrawal and I assume you chose the 7%.

You will need to estimate the taxable income for 2019, and then look at the tax rates.

You can do this by looking at the taxable income on the 2018 return and then estimate the amount you want to take out.

Take a look at this link:  (The tax rates are the same for 2019)

https://turbotax.intuit.com/tax-tips/irs-tax-return/current-federal-tax-rate-schedules/L7Bjs1EAD


View solution in original post

1 Reply

If Im over 591/2 and have w2 income of 64k,ive taken a 20k distribution from 401k and withheld 20% federal and 7%state tax....can i take more out at this percent ?

The percent you are taking out is not the true tax rate.  That is determined when you file the tax return.

The 20% is mandatory on a 401K withdrawal and I assume you chose the 7%.

You will need to estimate the taxable income for 2019, and then look at the tax rates.

You can do this by looking at the taxable income on the 2018 return and then estimate the amount you want to take out.

Take a look at this link:  (The tax rates are the same for 2019)

https://turbotax.intuit.com/tax-tips/irs-tax-return/current-federal-tax-rate-schedules/L7Bjs1EAD


Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question