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Asked 10/24/2010

How much income tax would be due on a 401K withdrawal?

Age 59.5
no earned income for the year
married
withdraw $30,000

 
 
 
 
 
Answers

Answer 1/2 - Submitted 10/25/2010

Assuming no other income (earned or otherwise), standard deduction and no dependents, your federal tax would be about $1,200. If you have any other income, or any adjustments, this answer won't be correct.

No idea about your state taxes.

 
 

Answer 2/2 - Submitted 10/25/2010

It depends upon your income bracket and other income.

 
 
 
 
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