It added: "Everyone knows this was an accident, but he's absolutely devastated."
The source explained that the Beetlejuice actor "can be very hard on himself" during difficult times and that the star is hoping to spend some time with his family.
It shared: "[Baldwin] is someone who really deeply cares, so he can be very hard on himself.
"That's true in general, in situations nowhere near as serious as this. But in this situation, it's a whole other level because of the loss of life involved."
The source continued: "It's going to take him time to figure all this out. He needs to take a while to himself, to be with his family."
Baldwin took to social media following the accident last week and said he was "heartbroken" following the death of Hutchins.
He tweeted: "There are no words to convey my shock and sadness regarding the tragic accident that took the life of Halyna Hutchins, a wife, mother and deeply admired colleague of ours.
"I'm fully cooperating with the police investigation to address how this tragedy occurred and I am in touch with her husband, offering my support to him and his family.
"My heart is broken for her husband, their son, and all who knew and loved Halyna."