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    fatemily1's Avatar
    fatemily1 Posts: 1, Reputation: 1
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    #1

    Jul 27, 2011, 06:35 PM
    Maryland state with holding
    How much tax will there be on a $5000 401 k withdrawal
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Jul 27, 2011, 07:28 PM

    Depends on your tax bracket. Plus a $500 penalty.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Jul 28, 2011, 05:38 AM

    The plan administartor should withhold federal tax of 20% of the withdrawal amount, or $1000 in this case. This is to help cover the actual amount of tax that is due, which as SG says depends on your particular tax bracket, so can't really be determined until you file your taxes next year. The administrator will not withhold any MD state tax, nor will they withhold anything for an early withdrawal penalty. Consequently you should be prepared to pay the MD income tax and 10% early withdrawal penalty (if required) when you figure your taxes next April.
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