Posts Tagged ‘state’
When I withdraw money from my Roth IRA, do I have to deduct Federal or State taxes?
26
May
I rolled over a rollover IRA into a Roth, which is now called a Roth IRA. When filing tax return, I had to pay Federal taxes on the whole amount that was rolled over. When I withdraw from my Roth IRA in the future, do I deduct Federal & State taxes from the amount that I am withdrawing, & if so, what percentage do I use. Will I get taxed on the amount of money that I withdraw, when I file next year’s taxes?
Georgia state income tax on Tennessee 401k income ?
23
May
Must I pay Georgia state income tax on A 401K distribution when 33 percent of My 401K is money earned in Tennessee where there is no state income tax.I am paying state income tax on the distribution I recieved in Georgia but I put 1000 dollars in my account when I lived and worked in Tennessee.
I cashed in an old 401K. How much state tax will I need to pay?
18
Apr
I cashed in and old 401k that was $ 10,000. They already took abot $ 2000 for federal, but did not take State tax out. I know that I need to pay it, but I don’t know how much…
Are federal and state tax rates the same for 401K distribution as ordinary income?
12
Apr
I read somewhere that we “might also pay state tax” on 401K distribution and wonder where the “might” happens vs. “might not”. Also if 401K distribution is the main source of income, then will I be taxed the same as that is my income? In that case, what is the current tax rate? Thanks in advance!
Thanks for all the answers. Just to clarify, this question is for the qualified periods (after 59 1/2 years of age), so there will be no 10% penalty, etc.
One main point of my question is about “state tax.” If I am paying state tax on my income now, is there a scenario where I don’t have to pay state tax on 401K distribution? (e.g. what happens if I move to another state?)
MikeL, thanks for the answer. However, consider this scenario: in my life, I have been working in California (2-9% state tax), Nevada (no state tax), and others. In the end, my 401K balance is an accumulation of contribution from my working in all these states, with different state tax. In my retirement years, if I move to Nevada and withdraw my 401K, and if Nevada has no state tax on income, do I have to pay for any state tax? If yes, how? Thanks!