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V
vharvel
Employee
June 1, 2019
Question

Withdrawing from my 401k. Over 65. 20% gets held for taxes auto. Will be in 275k income range. Should I withhold 10% more? and what about state taxes?

  • June 1, 2019
  • 2 replies
  • 0 views
No text available

    2 replies

    S
    SweetieJean
    Employee
    June 1, 2019

    Are you going to roll any of it over?  If not, you will likely be in a very high Federal tax bracket.

    http://fairmark.com/general-taxation/reference-room/2016-tax-rate-schedules/

    Which state?

    V
    vharvelAuthor
    Employee
    June 1, 2019
    Colorado
    Z
    Zbucklyo
    Employee
    June 1, 2019

    Based on your income, you are likely in the 28% or more likely 33% marginal tax bracket, so 20% would not cover the entire amount of additional taxes from the withdrawal.  I'd ask to have more withheld.

    V
    vharvelAuthor
    Employee
    June 1, 2019
    Yes, I am thinking 10% more would work after deductions but what about state taxes?
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