[vicstaycoff]

I am going to be 70 years old in July. My 401 K account has been losing money for the past several months. Although there is not much in it, $10,939.67, every month it goes down. I will have to start withdrawing at age 70 1/2, and there may be nothing left.

I am contemplating withdrawing all, and need to know what the taxes would be withheld, for both Federal and State. I live in Minnesota.

I make less than the minimum required to file taxes, and haven't filed for the past two years. This amount would put me into a bracket where I would have to file taxes.

My current income totals, $16,553.04.

Thank you.

[AtlantaTaxExpert]

You will pay about 10% on the federal return and probably 2-3% for the state.