If you are younger than 59 1/2, you will pay a 10% early withdrawal penalty, plus ordinary income tax. If you are 59 1/2 or older, you do not have that easy penalty but you pay ordinary income tax. You are taxed at the same rate for which you are taxed for your other income. You get a 1099R in late January/early February which must be entered on your tax return. The software calculates your total income, the total amount of tax that has been withheld from all of that income, and determines if you get a refund or owe more. You say you will take $50K but do not mention what other income you are receiving so we cannot tell you how much tax you will owe all together.
**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.**
