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October 11, 2019
Question

Mass taxes on 401K distributions

  • October 11, 2019
  • 1 reply
  • 0 views

John Hancock did not pay taxes on my 2019 401K plan distribution. 

When I receive the check, how much do I pay for Mass state taxes?

Last year I had to pay a fine of $55 federal and $35 Mass state.

Thank you 

Patkell

    1 reply

    Employee
    October 11, 2019

    Massachusetts' income tax rate for 2019 is 5.05%.

    The actual amount of tax you pay on the distribution will depend on its amount, and on your filing status and tax bracket.

    If you received a 401K distribution, at year's end you will receive a Form1099-R.  Just enter the 1099-R in the proper section of TurboTax and the program will calculate your state and federal taxes.

     

    **Answers are correct to the best of my ability but do not constitute tax or legal advice.