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#1
02-18-2008, 10:06 PM
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 Re: 401k distribution..Local tax owed? "Frank S. Duke, Jr." <dukefs[at]one.net> wrote in message news:C3DE5F90.D4D70%dukefs[at]one.net... - quote - > in article > 257003c1-110e-4ce5-b686-df09381670b8...oglegroups.com, Thomas > at > canopeily[at]yahoo.com wrote on 2/17/08 5:10 PM: > > I regretably had to cash in my 401k early. I live in Pennsylvania. I > > have paid the IRS the 20% plus 10% penalty. I will also have to pay > > state taxes of 0.0307%. > > > Will I also have to pay my local (city) taxes on the full amount? > It probably depends on your city. In Ohio, most cities levy their local > income tax on the amount in the Medicare box on the W-2, not the Federal > Wages. They get their tax going in to the 401(k), not coming out. They > know there is good chance that you might not be here when you take the > distribution. > All freely provided advice guarantee correct or double your money back > Frank S. Duke, Jr. CPA > Cincinnati, OH USA If you made an contributions to your 401(k) that portion of the distribution is not taxed tp Pennsylvania. George L Anthony Johnstown, PA -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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02-18-2008, 02:54 AM
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| Re: 401k distribution..Local tax owed? in article 257003c1-110e-4ce5-b686-df09381670b8...oglegroups.com, Thomas at canopeily[at]yahoo.com wrote on 2/17/08 5:10 PM: - quote - > I regretably had to cash in my 401k early. I live in Pennsylvania. I
income tax on the amount in the Medicare box on the W-2, not the Federal> have paid the IRS the 20% plus 10% penalty. I will also have to pay > state taxes of 0.0307%. > Will I also have to pay my local (city) taxes on the full amount? It probably depends on your city. In Ohio, most cities levy their local Wages. They get their tax going in to the 401(k), not coming out. They know there is good chance that you might not be here when you take the distribution. All freely provided advice guarantee correct or double your money back Frank S. Duke, Jr. CPA Cincinnati, OH USA -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
02-17-2008, 09:10 PM
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| 401k distribution..Local tax owed? I regretably had to cash in my 401k early. I live in Pennsylvania. I have paid the IRS the 20% plus 10% penalty. I will also have to pay state taxes of 0.0307%. Will I also have to pay my local (city) taxes on the full amount? Thank you, Thomas. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| 401k, distributionlocal, owed, tax |
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