Does a withdraw from my 403B that was automatically taxed need to be claimed on state and federal returns?

borggrebe-jerry — Wed, 25 Oct 2023 17:36:36 GMT

At 59.5 years of age I am permitted to take withdraws from my 403B, the withdraw has been taxed by policy. Is that considered income which needs to be claimed?

Re: Does a withdraw from my 403B that was automatically taxed need to be claimed on state and federal returns?

Holly W — Wed, 25 Oct 2023 18:45:13 GMT

Hello borggrebe-jerry,

Thank you for joining us today!

Distributions from your 403(B) plan is considered taxable on the Federal return and considered ordinary income, UNLESS you made your contributions after tax dollars, for an example, like a Roth IRA.

As for the State, it depends on your state rules. Each state is allowed to determine how they want to treat Retirement distributions. Some states tax the whole distribution amount, some not at all.

These states do not have income tax at all:

Alaska
Florida
Nevada
South Dakota
Tennessee
Texas
Washington
Wyoming

These states do not tax Retirement income:

Illinois
Iowa
Mississippi
Pennsylvania

Thanks again for participating today!

topic Does a withdraw from my 403B that was automatically taxed need to be claimed on state and federal returns? in Get your taxes done using TurboTax

Does a withdraw from my 403B that was automatically taxed need to be claimed on state and federal returns?

Re: Does a withdraw from my 403B that was automatically taxed need to be claimed on state and federal returns?