What is the total amount of taxes I will owe, if I withdrew $200,000 from 401K account early, including the 10% early withdrawl penalty. I am only 49 years old and live in New Jersey.

ANSWER

The BIDaWIZ Team's Answer:

To provide a precise estimate we would need to know if you are married filing jointly or single, what your total adjusted gross income is for the year, and how much of your 401k is in a gain position. Based on the preliminary information, you could expect to pay $100,000 in total taxes. This assumes the 10% early withdrawal penalty of $20,000 and a 33% federal tax bracket rate and 6.73% NJ state tax rate on the withdrawal.