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awolfgang0519
Returning Member

Is a 401K distribution taxable in PA if over 59 1/2 but not yet retired?

 
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2 Replies
KatrinaB
Intuit Alumni

Is a 401K distribution taxable in PA if over 59 1/2 but not yet retired?

No, you are not required to pay tax on a retirement distribution if you were over the age of 591/2 when you withdrew the money.

Please view the Pennsylvania link below for more information.

https://revenue-pa.custhelp.com/app/answers/detail/a_id/1469/~/i-am-getting-an-early-withdrawal-from...

Is a 401K distribution taxable in PA if over 59 1/2 but not yet retired?

I don't believe this is correct.  It appears you must be retired or the distribution is taxed.  I would love to be wrong.....please let me know if I am.

 

From https://revenue-pa.custhelp.com/app/answers/detail/a_id/1470/related/1

 

Code 7 Normal Distribution. This distribution from an eligible Pennsylvania retirement plan is not taxable if you met the plan requirements (the age and/or years of service required by the plan) for retirement, and retired after meeting those requirements.

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