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Will my early withdrawal of a Traditional IRA also incur a Georgia state tax penalty?

I am planning on taking an early withdrawal of some of my traditional IRA.  I understand that I will have to pay a 10% federal tax penalty, in addition to claiming the amount as income.  My question was if there was a Georgia state tax penalty (I live in GA) that I will have to pay as well.  Again, I understand I will need to pay state income tax on the amount received.

Thank you!

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Level 15

Will my early withdrawal of a Traditional IRA also incur a Georgia state tax penalty?

There is not a Georgia state tax penalty for an early withdrawal from a tax deferred retirement account.  That is a federal penalty only reported as a tax liability on a federal tax return.

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Highlighted
Level 15

Will my early withdrawal of a Traditional IRA also incur a Georgia state tax penalty?

There is not a Georgia state tax penalty for an early withdrawal from a tax deferred retirement account.  That is a federal penalty only reported as a tax liability on a federal tax return.

View solution in original post

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