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The $70,000 will be added to your other income and taxed at the rate for your filing status.
If the $70000 was your only income for the year then the tax would be $6,490. That is joint filing with standard deduction.
The 401k is not taxed differently than your regular income. If you receive SS then some of that would be taxable because of the $70,000.
As you are each over 59 1/2 there would be no additional penalty for an early withdrawal.
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