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Because you are over 59 1/2 at the time of distribution - there is no 10% penalty.However - the distribution from your 401k plan will be added to your taxable income.
That is up to you - if you want to use the money or to rollover to the IRA account.If you rollover part of your distribution - that part will not be taxable.
When you take a distribution - the administrator is required to withhold taxes - unless you specifically ask not to withhold.However - your tax liability will be determined at the tax time - based on your total income, filing status, deductions, etc.
I will estimate your possible tax liability if you provide your total taxable income and the amount of expected distribution.
Assuming you are single, standard deduction, $30,000 gross income, no other deductions or credits - your estimated income tax liability would be $2600
With additional $75000 taxable distribution - your total income will be $105,000 - and expected tax liability - $20,300.
That means - your ADDITIONAL tax liability because of the distribution is estimated as $17,700.
Because of large taxable income - you are pushed into a higher tax bracket.
To reduce the tax pressure - I might suggest to spread the distribution over several years.