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Asked 1/6/2010
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How to estimate fed tax on 401K withdrawal I will withdraw $21K from my 401K. This will increase my income from $48K to $69K. I would like to know what percentage of the $21K for taxes I should set aside for estimated tax payments. |
Answer 1/3 - Submitted 1/6/2010
When you withdraw from a 401k they automatically withhold 20% for federal taxes. Some states have mandatory taxes as well. the penalty that will be assessed when you file your taxes will be 10% of the total withdrawn. You do not have the option to not have taxes withheld on a 401k withdrawal, (unless it is a hardship withdrawal), you do however have the option when withdrawing from an IRA.
Answer 2/3 - Submitted 1/11/2010
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