Please correct me if I am wrong. During retirement you can start withdrawing money from your 401k account. When this happens, the amount of money that you withdraw from your 401k will be tax as income.
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1) This income will be taxed on a federal level.
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2) This income will also be taxed on a state level. If I move to a state that does not tax income, then I do not have to worry about this part at all?
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3) Regardless if the state tax income or not, I will still have to pay tax at the federal level on my 401k income?
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4) With regards to Roth IRA income during retirement, no tax from federal and state because the money has already been taxed?
Thanks.
Submitted December 18, 2020 at 03:53AM by b10m1m1cry https://ift.tt/37tfBlC
