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Asked 8/7/2008

What is the hawaii state tax penalty when cashing out a 401k?

I know the federal tax penalty is between 20%-40% stated on my termination form. I am quitting my job. I can't figure out how much state tax to withhold when I cash out my 401k.

 
 
 
 
 
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Answer 1/1 - Submitted 12/28/2009

Don't cash it - roll it to an IRA with a national company and pay no tax and no penalties. If you have to have the money, the Hawaii department of Revenue can answer your question for you.

 
 
 
 
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