401K tax

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401K tax

 
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adirlees
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Joined: 17 Feb 2010
Posts: 1
PostPosted: Wed Feb 17, 2010 8:31 pm    Post subject: 401K tax Reply with quote
I am 59 1/2 and want to withdraw funds from my 401K. I know 20% is taken out for Federal, but what about State tax. I am in New York. Can I have state tax taken out or do I have to claim at the end of the year?
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AnthonyK
Newbie


Joined: 06 Sep 2006
Posts: 77
PostPosted: Sun Feb 21, 2010 1:29 pm    Post subject: Reply with quote
20% is the mandatory withholding but the actual taxes due will depend on your overall income for the year which will be sorted out when you file your tax return.
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