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Do I pay the full 10% early withdrawal 401k penalty to Georgia if I only moved there on 11/17/17 from Florida?

I moved to Georgia on 11/17/17 and paid GA state income tax for November and December.  I have a 401k early withdrawal tax penalty for 2017. Do I have to pay the 10% penalty to GA as well as the income tax on the amount withdrawn from the 401k?

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Level 1

Do I pay the full 10% early withdrawal 401k penalty to Georgia if I only moved there on 11/17/17 from Florida?

There is no state penalty for early withdrawal from a retirement account in Georgia.  So no, you won't have to pay a 10% penalty.

Whether or not the distribution is taxable in Georgia will depend on when you took the distribution. 

  • If you withdrew the amount before you moved to Georgia, it will not be taxable income on your Georgia return.
  • If you withdrew the amount after you moved to Georgia, it will be taxable income on your Georgia return.

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Level 1

Do I pay the full 10% early withdrawal 401k penalty to Georgia if I only moved there on 11/17/17 from Florida?

There is no state penalty for early withdrawal from a retirement account in Georgia.  So no, you won't have to pay a 10% penalty.

Whether or not the distribution is taxable in Georgia will depend on when you took the distribution. 

  • If you withdrew the amount before you moved to Georgia, it will not be taxable income on your Georgia return.
  • If you withdrew the amount after you moved to Georgia, it will be taxable income on your Georgia return.