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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I am 64 years old, and want to withdraw all of my 401k. the

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I am 64 years old, and want to withdraw all of my 401k. the total amount is $20,672.20. What is the tax rate on that money. I live in California.
Thank you.

Hello Paciano,


Do you file your taxes as single or married?


In the year that you plan to make that withdrawal, how much other income will you have for the year. Please include any income your spouse will also have if you are married.


Will any of your other income be from SS benefits? If so, how much?



Customer: replied 7 years ago.


I am single, and my SS will start in Feb, it will be $1440 a month.

Hello again Paciano,


Thank you for your patience while I ran some calculations.


When you receive SS benefits, you are only allowed to have a certain amount of other income for the year before part of your SS benefits may also be subject to tax. I had to fill out the worksheet to determine what this would be in your case.


If you withdraw $20,672 from your 401k plan, you will also owe taxes on $1,796 of your SS income. This will give you total reportable income for the year of $22,468. After applying your standard deduction and one personal allowance, this will bring your taxable income down to $13,118 for the year.


The taxes you will owe on that amount will be $1,550 federal and $260 for CA state taxes.


If this was helpful please press the Accept button. Positive feedback is also appreciated.


Thank you Paciano



Merlo and other Tax Specialists are ready to help you
Customer: replied 7 years ago.


THANK YOU for your help. I appreciate your time.



Thank you Paciano and let me know if you need more help.