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Mic
Mic, Business Owner
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how much state taxes (nm) do i owe on 600.00 dollars

Customer Question

this is for an 401k
Submitted: 7 years ago.
Category: Tax
Expert:  Mic replied 7 years ago.
Hello Hera,

Is that for a weekly check?
Is that the total pay before taxes are taken out?

Thanks!
Michelle

Customer: replied 7 years ago.
Reply to Michelle N's Post: Ok here is the full story. I have a 401K from my old job in Washington that is at 600.00. I now live in New Mexico. I understand that i have to pay taxes on the 401k if i cash it out. I am just trying to figure out how much. And Washington has no state taxes but the company is based in Virginia. And the company said they will take 20% out, then at the end of the year i have to pay state taxes on it and an addition 10%.
Expert:  Lev replied 7 years ago.

The administrator of 401k account will withheld 20% federal taxes and most likely will not withheld any state taxes.

At the tax time there will be two issues in connection with 401k distribution:

  • early distribution penalty - that is 10% - in general it is due if you are below 59 1/2. Some exemptions apply.
  • because taxes on contribution were deferred - the distributed amount will be taxable income. The tax rate depends on the total, income, filing status, etc

Total taxes withheld will be counted and you will either receive a refund or pay amount due.

Just in case Virginia taxes would be withheld - you will need to file Virginia tax return and based that you are not living in Virginia - you should receive a refund.

As you now live in New Mexico - the NM tax rate will depend on total taxable income:

-- 1.7% on the first $5,500 of taxable income
-- 3.2% on taxable income between $5,501 and $11,000
-- 4.7% on taxable income between $11,001 and $16,000
-- 5.3% on taxable income of $16,001 and above

Expert:  Mic replied 7 years ago.
Hi Hera,

Lev has given you a very good answer to your question.

Thanks for using JustAnswer.com.

Michelle

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