r/401K

Hello! I did a total withdraw of my 401k from my previous job for a total amount of ~$29k. I had about $6k of the penalty taken out with left me at a little under $23k. I did take about $2k out of that amount and saved it for when I owe next year. How much am I anticipated to owe on my taxes for 2026?

I work a full-time job making about $37k and I own a business which does about $120k per year. I don’t know if I’m gonna be taxed on what I took out or what I make per year. Thanks!

I have a 401k account through my employer but they also offer an in plan conversion to roth for after tax deductions. Can anyone help me understand what this is and how to do it?

Our provider is Empower

Hey can someone help me calculate how much percentage I should take from my state, federal taxes and penalty withdrawal. I got laid off and I’m looking to withdrawal 45,000 I live in NY and my salary was 81,300 but was only paid till March till I was laid off. I received a lump sum severance pay of 25,015 (before taxes) and potentially might receive unemployment but that’s not guaranteed.

The company I work for does not offer 401k matching. Instead, they make an annual contribution of 3-5% of my anual income (roughly 60k). Currently, I am contributing 10% before tax 401k and 10% after tax Roth 401k. I am comfortable enough to contribute about 20ish% of my paycheck.

I am wondering which accounts would make the most sense to contribute to currently. I have not done much with Roth IRA's but I have heard that it's smart to have a little bit of diversity in my investments. Would it be smart to keep my current plan, or try to contribute to a Roth IRA instead.

Any advice would be appreciated! I'm trying to do some research on my own but it's a little confusing. Thank you!!

context: I (ITALIAN M25) just moved to Florida due to work circumstances. I'm no finance bro, completely the opposite tbh. I have no knowledge about 401k, roth 401k, IRA....etc.
I will be making 50k$/year (paid on a weekly basis) and living with my GF i expect to be saving, after rent, bills etc, up to 7/800$.
I have approx 25k euro sitting in a saving account.
I have no car as i just moved here but i plan to get smth around 5/7k (only planned short term expense i have)

I have pretty decent chances to get my salary increased next year.

My company has no 401k match but it's smth that will be discussed to be put on budget for 2027. I have no HDHP.

Besides allocating budget to cover 4 months of living for emergency, how should I move?
Also, how should i invest my savings? would it be smart to exchange them in USD? I have an italian account on trade republic but i actually never used it...

I'm really looking forward to receiving suggestions and whys. I really need to understand how this works. If you can share good sources to get informed i'd appreciate it.