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Old 11-24-2010, 09:35 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,639 posts, read 57,683,287 times
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Quote:
Originally Posted by SWWatson View Post
We have to roll my wifes 401K from her ex employer (Fired after 10 years with no write up or anything. 1 mistake) anyway we are going to have to pull 1/2 out to pay off some bills until she finds more work. How much tax does NC or the Feds take besides the 10%? She is 49.
Try to use another source of funds or set up a 72t (on a small portion for the 401k funds) for the minimum amount you can get by with.

LIBOR based Home equity loans are really cheap these days (I'm paying less than 3% on a couple I have used to finance income real estate)

OR... roll the 401k to an IRA, convert as much as you can afford of that to a ROTH (by 2010 yr end = 2 yr tax benefit). Then live very lean for 5 yrs till you can start making ROTH withdrawals on the contributed equity (Not the earnings).

Avoid making MORE tax obligations than necessary this yr. ESPECIALLY if she got any severance pay. Find a good accountant and take them to lunch.
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Old 11-24-2010, 09:53 PM
 
30,873 posts, read 36,815,390 times
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Quote:
Originally Posted by richard222 View Post
.....the state tax is the least of your tax worries. Early withdrawel of an IRA/401K is taxed a federal penalty tax of 10% of the amount taken out PLUS the federal income tax due PLUS the state tax
^^^^^This was my first thought^^^^^
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Old 12-05-2012, 08:15 AM
 
1 posts, read 2,285 times
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If I decided to withdraw my retirement before the age of 59 1/2 from CA and moved to Texas. I would have to file two seperate taxes correct? If I was living in Texas and got the check in CA, and all CA penalties were taken (federal and state) would I still owe taxes on this in CA?
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Old 03-15-2015, 05:50 PM
 
1 posts, read 1,028 times
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Question on 401k withdrawal.
I worked in Illinois and I had 401k.I withdraw some money in 2014 and in January 2015.
I am 63 years old.Illinois does not tax on 401k.But I moved from Illinos to North Carolina
on February 12th.2015.I have a question do I have to pay state tax on my withdrawal in
North Carolina? Please give me some advice.
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