A tooling system in a press for forming a product from a blank of material disposed between a punch assembly and a die assembly and a method of using the same. The tooling system comprises a knockout and a bushing. The knockout further comprises a shaft having opposed ends, a plate fixed to one opposed end, and a tapered portion. The bushing is supported by one of the punch and die assemblies and defines a lumen configured to slidably receive the shaft for axial movement between an extended position and a retracted position. The lumen has a tapered receiving section at one end thereof configured to mate with the tapered portion of the knockout when the shaft is in the extended position.