Is there a my state penalty for 401k early distribution?

lz208 Posts: 2, Reputation: 1

New Member

Mar 3, 2010, 09:46 AM

Is there a MI state penalty for 401k early distribution?

Do you have to pay Michigan state taxes on early 401k withdrawal?

AtlantaTaxExpert Posts: 21,836, Reputation: 846

Senior Tax Expert

Apr 26, 2010, 02:16 PM

No, it is just taxed as income.

Add your answer here.

Check out some similar questions!

When I got my 401k distribution check did they take out the 10% penalty [ 2 Answers ]

When I rolled over my 401k to my new employer I let a loan default, did they take out the 10% penalty when I got my distribution check or do I still owe someone?

401k distribution penalty [ 2 Answers ]

I turned 70.5 in November this year and I did not withdraw any funds from my TD Ameritrdae IRA account. I am still workng and contributing to an IRA account at work. When do I have to make mandatory withdrawals? Will I be penlized for not taking a distribution from my TDA account in 2009?

401K Early distribution 10% penalty [ 3 Answers ]

From October 2006 through third week in December 2006 I was out of work with umbilical hernia on disability. My job was in an office sitting at a desk. I was cleared and returned to work for the final week in December 2006. Starting in January 2007 I began delivering heavy boxes of food for a...

Early distribution IRS penalty [ 1 Answers ]

I have an annuity under my 401K plan that I want to cash in. I know I'll have to pay taxes on the distribution. I'm wondering what the penalty will be to the IRS? I am 49 1/2 years old. Thank you

401K Distribution penalty [ 3 Answers ]

I had no choice but to take a hardship withdrawal from my 401K after being let go by my employer. It was a difficult time also having been displaced by a house fire and having to rebuild our home and pay for a portion of our alternate living expenses not covered by the insurance company. Being a...