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View Full Version : 401K Early Distribution Tax NYS


SmilingKena
Mar 11, 2007, 02:09 PM
I took an early distribution of $1,500.00 in 2006 from my employer's plan. Federal tax was held, but no New York State Tax. How do I find out if such is due and how to calculate it? Thank you for your time. :)

AtlantaTaxExpert
Mar 12, 2007, 10:38 AM
You will be taxed at your marginal tax rates for both the federal and state return, plus an additional 10% ($150) will be added to the end of your federal tax return.

Exactly how much depends on your other income.