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ybamba555
New Member

I'm 56. Do I have to pay state (Hawaii) tax on early withdrawal from Roth IRA?

The page asked for the taxable amount probably because 2b box on my 1099-R is checked as "Taxable amount not determined". Do I input full withdrawal amount or 0?
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drmanny3
New Member

I'm 56. Do I have to pay state (Hawaii) tax on early withdrawal from Roth IRA?

I would assume that the money that you entered into the Roth IRA has already had taxes taken out.  So there should be no additional taxes.  If the investment made a return and you take the return out then I would think that you need to declare that portion as taxable.  I would also think that since this is an early disbursement that there may be penalties, unless you meet certain category exclusions.

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drmanny3
New Member

I'm 56. Do I have to pay state (Hawaii) tax on early withdrawal from Roth IRA?

I would assume that the money that you entered into the Roth IRA has already had taxes taken out.  So there should be no additional taxes.  If the investment made a return and you take the return out then I would think that you need to declare that portion as taxable.  I would also think that since this is an early disbursement that there may be penalties, unless you meet certain category exclusions.

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