I can help you with this this evening.
The amount you pull is simply added to your income for the year.
For someone who files single the tax brackets are as follows:
10% $0 through $8750
15% $8,750 through $35,500
25% $35,500 through $86,000
So, normally you would be in the 15% bracket.
But, when adding the extra 40,000 (by pulling the 40,000 from the IRA) you'll be in the 25% for just that year ... because your total income will be 24,000 + 40,000 64,000.
And, yes, if you are under age 59 and 1/2 there will be an additional 10% penalty tax on the 40,000.
So your additional tax (over and above what you would have paid) will be 40,000 x 25% = 10,000 Plus 40,000 x 10% = 4000 for a total of 14,000.
Now, I don't know how much you already have withheld against your 24,000 but If you get a refund, then that will cover SOME of this additional tax that you will have to pay because of the withdrawal.
What you might consider doing is pulling 52,000 and having 12,000 withheld from the distribution
(which will be an option on the distribution form
That will net you $40,000 from the IRA and cover most, if not all of the additional taxes , when you file nest April.
Let me know