3392526
turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

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

Yes No
Kodyah
New Member

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

 
posted
‎October 3, 2024 10:53 AM
last updated ‎October 03, 2024 10:53 AM
0
1
3,545
Reply
Bookmark Icon
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
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.  

View solution in original post

‎October 3, 2024 10:58 AM
0
3,502
Reply
Bookmark Icon
1 Reply
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
0
3,503
Reply
Bookmark Icon

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Featured forums
Taxes
Lower Debt
Investing
Self-Employed
All topics

Unlock tailored help options in your account.

Live Assisted: Get answers to all your tax questions! Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Live Assisted. Explore your options!
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Major1096
chuckcobb
Jim10122
Kodyah
weaslebub

Did the information on this page answer your question?

thumb-up Yes
thumb-down No
close icon
checkmark

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

and start working
on your taxes

File your taxes, your way

Get expert help
or do it yourself.

Get started
close icon
icon help

Access additional help, including our tax experts

Post your question

to receive guidance
from our tax experts and community.

Connect with an expert

Real experts - to help
or even do your taxes for you.

Get started