Hi, Pardon me for asking this question that I think has already been answered above. Its a question I've asked 2 brokers and TurboTax rep - but they don't seem to know the answer.
Scenario: I am over 60 and suppose I quit my job at the end of the year (no income work income after that) and I withdraw 50K from my 401k for the purpose of living off for the entire year. The tax as I understand would be 20% or 10K. As I am in the 15% tax bracket, should I not get 5% or 2.5K of that back the next year when I file my taxes?
Thanks for your help
