What percentage does state take from my 401k plan if I withdraw it

Jenkins18 — Thu, 03 Sep 2020 03:49:55 GMT

Re: What percentage does state take from my 401k plan if I withdraw it

xmasbaby0 — Thu, 03 Sep 2020 04:35:42 GMT

You have not told us what state you are asking about.

Re: What percentage does state take from my 401k plan if I withdraw it

Opus 17 — Thu, 03 Sep 2020 18:02:31 GMT

Your state will tax 401(k) withdrawals as ordinary income, there is no additional penalty or special tax at the state level. So it depends on your state and your other income. It could be a low as 3-4% or as high as 13% in California.

You can try looking up your state tax brackets here. Add up all your taxable income including the amount of the 401(k) withdrawal and look at the top tax bracket for your income and marital status; your withdrawal will be taxed at that top rate.

https://taxfoundation.org/state-individual-income-tax-rates-and-brackets-for-2020/

topic What percentage does state take from my 401k plan if I withdraw it in Retirement tax questions

What percentage does state take from my 401k plan if I withdraw it

Re: What percentage does state take from my 401k plan if I withdraw it

Re: What percentage does state take from my 401k plan if I withdraw it