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Extra 2.5% penalty for early withdrawal in California

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Last Updated On
Bysm69

L1: Extra 2.5% penalty for early withdrawal in California
Dear readers,
Kindly take note that California has an additional penalty tax of 2.5% on early withdrawals. This does not apply to SEPP plans, unless the SEPP plan is busted. California frequently does not conform to federal tax law.
Ideally, the SEPP plan bust calculator will have an option to impose an additional 2.5% penalty tax for California.
You may wish to check how your state handles SEPP plans.
sm69
2018-07-05 19:46, By: sm69, IP: [71.84.14.13]

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