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New Member
posted Oct 3, 2024 10:53:03 AM

What is the impact on my 2024 taxes for taking a 59 1/2 withdrawal of 100K from my 401K?

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1 Best answer
Level 15
Oct 3, 2024 10:58:39 AM

Well it will add to your income and push you into a higher tax bracket.  Any withholding you have taken out might not be enough to cover the tax increase so you may want to send in an estimated payment to cover tax.  Federal and state.  

1 Replies
Level 15
Oct 3, 2024 10:58:39 AM

Well it will add to your income and push you into a higher tax bracket.  Any withholding you have taken out might not be enough to cover the tax increase so you may want to send in an estimated payment to cover tax.  Federal and state.