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Retirement tax questions
Thank you again @dmertz for your guidance—it’s been incredibly helpful.
I have a few follow-up questions about the withdrawal process (screenshot attached):
- Federal Income Tax Withholding: Webull defaulted to a 10% rate. Should I set this to 0%, given that this withdrawal is to correct an excess contribution?
- Distribution Reason: The only option is “Early Distribution (Under Age 59½).” Will this cause issues when reporting on my tax return?
- Residency Change: I was an Ohio resident in 2021 but have been a California resident since 2023. Does this affect the tax treatment of the withdrawal?
Any additional advice to ensure this is processed correctly would be greatly appreciated.
John
December 31, 2024
12:44 AM