I withdrew early from my 401k and they sent 20% to fed and a % to state,what else wil be withheld at tax time?

Answer 1

If not reinvested in a new retirement account the Fed will take an additional 10%. Had it happen, surprise mail from the IRS, they where kind enough to add interest to it to

Answer 2

it's only taxed at the state level if you got a tax benefit from the state when you got the money withheld from the and the federal tax rate will be based on the whatever tax bracket you wind up at tax time when you add all your income plus the 401k withdrawal amount, so you could wind up in the 25 or 28% bracket, so put a little more aside for taxes, just in case, plus 10% for the early withdrawal penalty

Answer 3

You will probably get hit with an additional 10% tax from federal.. I don't know what your state may want.

Answer 4

It is taxed like other income (state and federal) plus there is a 10% federal penalty.