Ask Experts Questions for FREE Help !
Ask
    DJReda's Avatar
    DJReda Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 7, 2008, 12:36 PM
    State Income Tax due on 401K Hardship Withdrawal?
    I made a hardship withdrawal from my 401K in 2007 and also held money back for federal taxes on it. I work in NY and live in NJ (100% of my income is from NY).

    My question is to which state is the amount of my withdrawal taxable to?

    In other words, which state do I have to pay income taxes for that withdrawal to?

    Thanks!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Feb 12, 2008, 02:51 PM
    It is taxable to NJ, the state in which you LIVE.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401k hardship withdrawal [ 10 Answers ]

I will try to summarize my situation. My wife & I gross $55000/yr. We've recently re-financed our house to the max value of $110000 & still have $50000 of credit card debt. We are both losing our jobs due to a plant closing. I have a job on the horizon but, my wife, who earns the majority of the...

401K Hardship Withdrawal and Credit [ 2 Answers ]

How can I take a hardship withdrawal without having to first ruin a perfect credit rating? Case in point - If I cannot pay my mortgage due to job loss, do I really have to be at the point of foreclosure (where my credit rating will be in ruins) before I can withdraw to paydown my mortgage and...

401K Hardship Withdrawal [ 1 Answers ]

I am unable to sell my primary residence (without giving it away) due to a market downturn. If I rent it and then buy a new house which will become my primary residence, can I take a hardship withdrawal to apply towards the purchase of my new primary residence?

Hardship withdrawal for early withdrawal of 401K [ 0 Answers ]

I am, 56 years old, live in the State of Florida, and just lost my job. I have a small 401K ($6,000) with this company and want to withdraw all of it and put it in a savings account to help tide me over until I find another job. I know I will be charged a 10% early withdrawal fee, and I also...


View more questions Search