Legal Question in Tax Law in New York

I am looking to take an early withdrawal from my 401k. I understand I am looking at 10% off the bat in addition to 20% for federal. What percentage does New York state take on this?


Asked on 5/22/12, 9:13 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

NY does not take anything unless you authorize a state tax withholding. The 10% is a penalty for early withdrawal and is not a withholding item. The withholding issues should be discussed with your plan administrator.

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Answered on 5/22/12, 9:45 am


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