turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

kgarson85
New Member

If I withdraw money from an old 401k account in FL, how much will I be taxed in CA and federally?

 
This feature is pending. Thanks for your patience.
Didn't get the answer you wanted? Our digital assistant can help you.
3 Replies

If I withdraw money from an old 401k account in FL, how much will I be taxed in CA and federally?

You have not mentioned your age.   If you are younger than 59 1/2 you will pay a 10% early withdrawal penalty to the feds, plus be taxed at your normal tax rate.   CA will also tax you at your normal tax rate.  The fact that the fund originated in FL has no relevance.  We cannot predict "how much" you will pay in tax since we have no amounts to go on and no information about your other income.

 

You will receive a 1099R for the distribution which you will enter when you prepare your federal return.  The information will flow to the state return.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
kgarson85
New Member

If I withdraw money from an old 401k account in FL, how much will I be taxed in CA and federally?

I am 38. And would be withdrawing 21k

If I withdraw money from an old 401k account in FL, how much will I be taxed in CA and federally?

@kgarson85 you will pay whatever your federal and state tax bracket is times PLUS the 10% penalty times the $21k.  it is very expensive - Congress really wants you to leave the money in the 401K until retirement. 

 

if you are in the 12% federal tax bracket and the 6% CA tax bracket, you would pay 28% times $21k. Again, quite expensive. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v