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?
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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?
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.
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