457 Plan Withdrawal

Withdrawing money from a qualified retirement account, such as a 457 plan, can create a sizable tax obligation. Use this calculator to see what your net withdrawal would be after taxes are taken into account.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.



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457 Plan Withdrawal
*indicates required.
**FIG_GRAPHTITLE** Stacked Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Definitions

Amount to withdraw

The amount you wish to withdraw from your qualified retirement plan. Withdrawals are subject to income tax. For this calculation we assume that all contributions to the retirement account were made on a pre-tax or tax-deductible basis. If you made contributions that were subject to income taxes, you may not owe taxes on the entire withdrawal. You should consult your tax or legal advisor concerning your particular situation.

Federal income tax rate

Your estimated federal tax rate. If you are unsure, the calculator will choose 25%. Please note that state taxes are entered in a separate entry field. Use the ‘Filing Status and Federal Income Tax Rates on Taxable Income’ table to assist you in estimating your federal tax rate.

Filing Status and Federal Income Tax Rates on Taxable Income for 2024*
Tax RateMarried Filing Jointly or Qualified Widow(er)SingleHead of HouseholdMarried Filing Separately
10%$0 - $23,200$0 - $11,600$0 - $16,550$0 - $11,600
12%$23,200 - $94,300$11,600 - $47,150$16,550 - $63,100$11,600 - $47,150
22%$94,300 - $201,050$47,150 - $100,525$63,100 - $100,500$47,150 - $100,525
24%$201,050 - $383,900$100,525 - $191,950$100,500 - $191,950$100,525 - $191,950
32%$383,900 - $487,450$191,950 - $243,725$191,950 - $243,700$191,950 - $243,725
35%$487,450 - $731,200$243,725 - $609,350$243,700 - $609,350$243,725 - $365,600
37%Over  $731,200Over  $609,350Over  $609,350Over  $365,600
*Caution: Do not use these tax rate schedules to figure 2023 taxes. Use only to figure 2024 estimates. Source: Rev. Proc. 2023-48

State income tax rate

The current state marginal tax rate you expect to pay on any additional income (or taxable distributions).

Minnesota State Retirement System
60 Empire Drive, Suite 300
St. Paul, MN

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.