401k withdrawal
Does anyone know what taxes are due when you withdraw money from your 401k? I know federal taxes are taken out buy is there any other taxes owed?
Does anyone know what taxes are due when you withdraw money from your 401k? I know federal taxes are taken out buy is there any other taxes owed?
Federal and state income taxes only. Depending on your state and your age the 401(k) withdrawal may be excluded from state income.
Social Security and Medicare taxes are not withheld from a 401(k) tax deferred retirement plan withdrawal.
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