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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13327
Experience:  15years with H & R Block. Divisional leader, Instructor
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Cashed out 401k early. Paid federal tax how much is the

Customer Question

Cashed out 401k early. Paid federal tax how much is the state tax
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello

The state of New York follows the federal in that IRA distributions prior to retirement are taxable and added to your income.

The amount, used to compute federal adjusted gross income, is the amount from which New York taxpayers begin to figure state taxes. There is a NY exclusion up to $20,000 on retirement but not until after 59 1/2.

New York's personal income tax system consists of eight brackets and a top rate of 8.82%. Your rate will depend on your taxable income for the year.

If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.

Expert:  Robin D. replied 1 year ago.

Please advise if you need more information or rating in a positive way is acceptable.

Expert:  Robin D. replied 1 year ago.

I cannot calculate tax for NY without knowing dollar amounts for your income and the 401k

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