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Asked 4/17/2007
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401(k) lump sum distribution State tax? I am a full year resident of MA, I worked in RI for 5 years and when I left the job I cashed out my 401(k). Do I have to pay state taxes to RI for the 401k distribution ( I will be paying MA for it) |
Answer 1/1 - Submitted 4/17/2007
You probably won't have to pay RI as a MA resident. But you will pay the feds a 10% early withdrawal penalty on top of the income tax.
You must like paying income tax! That little lump cost you between 25% and 50%.
-- A Damn Fine Tax Advisor
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