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Planning to make a partial withdrawal of 401K but need help understanding the tax withholdings.
Planning to make a partial withdrawal of 401K but need help understanding the tax withholdings. Due to a financial emergency I'm needing to get $14000 in hand out of my 401K. On the Fidelity website it says in order to get that they would withdraw $17,956.36, which accounts for 20% federal and 10% of the federal tax for state tax withholdings. When they withhold that ~$3950, where does it go? I know it has to be paid on my income tax but d...
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