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View Full Version : I live in California. What tax do I owe for early withdrawal from my 401k?


zenith123
Apr 30, 2010, 11:55 AM
I am withdrawing money for housing expense to avoid eviction and for post grad ed. I know the amount that will be paid to federal but need to know what tax and penalties due to state of California if I go ahead with an early withdrawal?

ebaines
May 3, 2010, 02:15 PM
In CA you can expect to add the amount of the withdrawal to your regular income, and pay CA income on it accordingly. There is no additional penalty from CA for taking the early withdrawl - unlike the 10% penalty you will have to pay the feds.