Taxes on traditional IRA withdrawals

Taxes on traditional IRA withdrawals

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Taxes on traditional IRA withdrawals
  #1  
Old 11-12-2018, 06:02 PM
queasy27 queasy27 is offline
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Default Taxes on traditional IRA withdrawals

I've been researching this online using estimated tax calculators and made myself even more confused. Any advice appreciated!

With SS income of $20K a year and no other income, is it possible to calculate how much tax I'd owe on traditional IRA withdrawals of $5K and $10K a year?

Age 67 if that matters.

  #2  
Old 11-12-2018, 06:16 PM
papasetti82 papasetti82 is offline
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https://www.ssa.gov/planners/taxes.html

Last edited by papasetti82; 11-12-2018 at 07:41 PM. Reason: mistake
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Old 11-12-2018, 06:25 PM
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BK001 BK001 is offline
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Here is an article that may prove helpful especially the link for the worksheet to calculate Social Security tax liability.

Is Social Security Taxable? (2018 Update) - SmartAsset
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Old 11-12-2018, 06:44 PM
retiredguy123 retiredguy123 is offline
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Quote:
Originally Posted by queasy27 View Post
I've been researching this online using estimated tax calculators and made myself even more confused. Any advice appreciated!

With SS income of $20K a year and no other income, is it possible to calculate how much tax I'd owe on traditional IRA withdrawals of $5K and $10K a year?

Age 67 if that matters.
I would recommend you buy Turbotax Basic ($29.99 from Amazon or Staples). Then, you can plug in any combination of income options you want and also file your taxes at the same time.
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Old 11-12-2018, 06:49 PM
gatorbill1 gatorbill1 is offline
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probably nothing after standard deduction
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Old 11-12-2018, 07:16 PM
TomPerry TomPerry is offline
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Based on $20,000 of SS income and $15,000 IRA income, wit no other income, you won't have a tax liability.
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Old 11-12-2018, 07:48 PM
Bloom&Company Bloom&Company is offline
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Give me a call, no charge, I will explain it to you. Bob Bloom CPA 425 941 5224 I am available off and on tomorrow, leave me your number if I do not answer when you call.
  #8  
Old 11-12-2018, 07:57 PM
queasy27 queasy27 is offline
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Quote:
Originally Posted by TomPerry View Post
Based on $20,000 of SS income and $15,000 IRA income, wit no other income, you won't have a tax liability.
Thanks. That seems to be the agreed outcome using all online tax estimators, but other sites say that half my SS would be taxable, for a taxable income of $25K and liability at the 10% level.

I prefer to believe the tax calculators!

I've used H&R Block online since it was introduced and will again this year, but I'm trying to figure out if it's better to withdraw $5K this year and $10K next, or just do the entire $15K next year.
  #9  
Old 11-12-2018, 08:01 PM
Bloom&Company Bloom&Company is offline
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Just give me a call. Continue using your software. I can just discuss it with you so you feel confident in your decision.
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Old 11-12-2018, 09:33 PM
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rjm1cc rjm1cc is offline
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Quote:
Originally Posted by retiredguy123 View Post
I would recommend you buy Turbotax Basic ($29.99 from Amazon or Staples). Then, you can plug in any combination of income options you want and also file your taxes at the same time.
Go to the IRS site and look for a link to free software and us that to estimate your tax. If you are using last years software your tax will probably be too high.
The money you take from the IRA is taxed just as if it was wages so you can put it on the wage line if you can not figure out the correct retirement line which can be confusing due to ROTH's.
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