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Returning Member
posted Jul 15, 2021 1:34:43 PM

Taxes

Do you have to pay federal or state taxes when withdrawn it money from a 401k or 357b when you liv3 in Texas. Thanks

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1 Replies
Level 15
Jul 15, 2021 1:36:38 PM

TX has no state income tax so your state will not tax your retirement income.  The federal government will tax it---you have to enter the 1099R for the retirement income on your federal tax return.