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

 
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‎October 3, 2024 10:53 AM
last updated ‎October 03, 2024 10:53 AM
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VolvoGirl
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Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

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

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.  

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‎October 3, 2024 10:58 AM
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VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

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

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.  

‎October 3, 2024 10:58 AM
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