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Does gross distribution on 401k get reported to New York state
I retired at age 65 at which time I cashed out of my 401k - on the 1099R it withheld federal taxes nothing else - does this get reported to New State and if so will I have to pay taxes on it - also if someone checks on my income with the state dept. will this come up as part of my income - I receive Social Security since I retired.. help
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The distribution is taxable by both the feds and NY. It's common for state and local taxes to not be withheld from distributions, unless you specifically request it. But you still must include it as income on your NY state return.
The distribution does not count as earned income, therefore does not reduce your SS payment (except to the extent that it may cause more of your SS payments to be subjected to income tax). |
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