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Question

Taxes on 401K withdrawl

Forum|Forum|1 year ago
February 5, 2025
1 reply
0 views

We will be withdrawing 50K out of our 401K for unexpected life event. We are under 59 1/2 and I know there is 10% penalty, but how much additional should we expect to pay for CO state taxes and Federal taxes on top of that 10%?

Ask the Experts - MetLife VI - Feb 2025

Level 15

For the federal tax, it would depend on your taxable income when you add the distribution to your normal yearly income. You can look at this table from the IRS for a married couple filing joint to see what your marginal tax rate is. Multiply the withdrawal by the appropriate tax rate to approximate the taxes on it. You can read this IRS article for rates using other filing statuses.

For Colorado, multiply the distribution by 4.4%.

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