Personal Finance (Not Investing) • 401k Excess Contribution Tax Penalty at the federal level or also state?

Right. It's just ordinary income.

Dang that sucks. I'm assuming it'll be taxed as the ordinary income based on the state in which I lived when that 401k was contributed to (vs my new state now), is that right?

I live in NH; I never think about state income taxes.

I'm not sure how it would be taxed.

If you posted your old and new state, someone might have advice.

Statistics: Posted by exodusNH — Thu Oct 17, 2024 10:07 pm — Replies 6 — Views 382

---