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Georgia. Georgia imposes a 5.39% flat state ... and those who make more than $100,000 in taxable income pay 3.5%. Ohio taxes most retirement ... Roth IRA and Roth 401(k) withdrawals after age 59 1/2.
However, except in special cases you can't withdraw from your 401(k) before age 59.5 Even then you'll usually pay a 10% penalty. It's even harder to tap 401(k) funds without paying regular income tax.
The next-best states to live in as a retiree, at least in regard to income taxes, are the following four, because while they do sport income taxes, they do not tax retirement income: Illinois Iowa
The minimum age for penalty-free withdrawals from your 401(k) account is 59 ½, and the IRS requires retirees to start making withdrawals by age 73. There are some caveats to this age restriction.
Continue reading → The post All About 401(k) Withdrawal Taxes appeared first on SmartAsset Blog. ... Once you reach age 59.5 you can withdraw money from your 401(k). If you don’t need the ...
As an example, if you are in the 24% tax bracket and you withdraw funds from your 401(k) early, you should expect to owe approximately 34% — 24% tax bracket plus 10% penalty — on the ...