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I am age 63 still working I would like to take cash

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I am age 63...

I am age 63 still working I would like to take cash withdrawal from my retirement. I know you pay Federal tax of 20% do I have to pay PA state income tax

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My question is do I have to pay Pa income tax on cash withdrawal from my retirement

Submitted: 4 months ago.Category: Tax
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11/29/2017
Tax Professional: Barbara, Enrolled Agent replied 4 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,775
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Tax Professional: Barbara, Enrolled Agent replied 4 months ago

Because you are over age 59 1/2, your 401K distribution/withdrawal is NOT subject to PA state income tax.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 4 months ago

The following link contains additional information you will find helpful:

https://www.fool.com/knowledge-center/are-401k-distributions-taxable-in-pennsylvania.aspx

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