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I withdrew $16,250 from my 401k to purchase my first home. I received my 1099-R and already had the 20% held for early distribution and I do know that I have to pay the 10%penalty on my Federal 2009 Income tax return. I'm lost if I have to pay Michigan State Taxes on the $16, 250? I did Turbo Tax...
When taking a early withdrawl off a 401k plan, what is the % of state tax that needs to be withdrawn? If my 401k total is 10k, federal is 20%, and there a early penalty for 10%, but what is the state %? When I file my taxs the same year, does the early withdrawl % come out of my tax return?
My husband took out his 401k early because he no longer works there. We are trying to understand the rules for taxes. It seems that is you took out the early due to no longer employed, the 10% tax penalty is waved. There were taxes withheld on the 1099-r. is this correct or not Shannon
Hi; My fiancé recently changed jobs and instead of rolling over his 401k he withdrew all of it, on the check stub they took out federal taxes, we are clueless on what kind of penalty he will have to pay, please help, Thanks
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