Calculate taxes on your 401(k) or IRA withdrawal including federal tax, state tax, early withdrawal penalties, and Social Security taxation impact.
When you withdraw from a traditional 401(k) or IRA, the full withdrawal is treated as ordinary income and taxed at your federal and state income tax rates. If you withdraw before age 59.5, you also pay a 10% early withdrawal penalty on top of regular taxes.
Social Security benefits may also be taxed depending on your provisional income (other income + withdrawals + 50% of SS benefits). If provisional income exceeds $34,000 (single) or $44,000 (married), up to 85% of your Social Security becomes taxable. Between $25,000-$34,000 (single) or $32,000-$44,000 (married), 50% is taxable.
This calculator computes the tax attributable to your withdrawal by calculating total federal and state tax on all income sources, then allocating proportionally to the withdrawal amount. This gives you a realistic picture of how much of your withdrawal you actually keep.
Roth 401(k) and Roth IRA withdrawals are generally tax-free if the account has been open for at least 5 years and you are over 59.5. This calculator is designed for traditional (pre-tax) retirement account withdrawals.