As a follow-up to my prior question regarding taking an early withdrawal from my 401K, I understand Federal withholdings of up to 20% plus 10% for early withdrawal. My prior question was in New York State, what is the State tax withholding. I understand they do not require me at present to withhold, but what percentage will I be responsible for when I file my taxes next year?
Asked on 5/22/12, 10:27 am
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
It all depends upon youir total income, including the 401K withdrawal, and your allowable deductions. I would think not less that 5% or 6% should be sufficient, but if your other income is high and your deductions are low, a higher percentage might be cautious.
Answered on 5/22/12, 12:58 pm
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