[taxhelpforme]

[wnhough]

QUOTE," what are the taxes on a $25000 with drawl from my 401k.I am 63."---You are under 701/2,So as you take a lump sum distribution of $25,000, your 401K provider'll write a check for the valueo fyour account less 20% withholding tax mandated by the IRS. $5,000, tax withheld by the plan provider is counted against your income tax liability or is counted towards any tax refund( if applicable) for you when you file your tax return.
If the amount is less than $5,000(<$5,000), then it is distributed to you regardless of your age.Youmay contact your 401K plan sponsor.

[ebaines]

Also, don't forget that you may also owe state/local income tax on the withdrawal - it depends on the tax laws of the state/municipality where you live. State and local taxes are NOT withheld from the distribution, so be aware that the $25K in additional income may cause you to owe a balance on your state/local tax bill when you file yout tax return in April 2011.