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I will be receiving a payout from an inherited 401k. I understand I will have to withhold 20% for federal taxes. How do I calculate how much to withhold for my state?
I live in SC and my brother (who will also receive a distribution) lives in MD. Do we have to pay state taxes on inherited 401k distributions, and if so, how do we look up what percent we should specify on the withholding form?
‎December 11, 2020
8:20 AM