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Posted by George Anthony on February 18, 2008, 6:06 pm
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> in article
> 257003c1-110e-4ce5-b686-df09381670b8@o10g2000hsf.googlegroups.com, Thomas
> at
> canopeily@yahoo.com wrote on 2/17/08 5:10 PM:
>
>> I regretably had to cash in my 401k early. I live in Pennsylvania. I
>> have paid the IRS the 20% plus 10% penalty. I will also have to pay
>> state taxes of 0.0307%.
>>
>> Will I also have to pay my local (city) taxes on the full amount?
> It probably depends on your city. In Ohio, most cities levy their local
> income tax on the amount in the Medicare box on the W-2, not the Federal
> Wages. They get their tax going in to the 401(k), not coming out. They
> know there is good chance that you might not be here when you take the
> distribution.
>
> All freely provided advice guarantee correct or double your money back
>
> Frank S. Duke, Jr. CPA
> Cincinnati, OH USA
>
If you made an contributions to your 401(k) that portion of the distribution
is not taxed tp Pennsylvania.
George L Anthony
Johnstown, PA
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