While we are not able to provide estimated tax results here, I can provide you with a link to our Tax Calculator. It is still pointed to the 2024 tax year; it should switch to 2025 by mid-November.
You mentioned taking a large $50k sum out to help your son buy his first house. That's wonderful! What I would suggest is that you and your wife consider splitting up the $50k gift into two tax years. You are each allowed to give up to $19k per year to your son, and avoid any gift taxes. Your son would also not have to pay any taxes on that gift. So if you both give him $19k in 2025, that would be $38k total. You could also give him $12k early in 2026, for a total of $50k. If you do it all in 2025, then you'll have to report the gift to the IRS via a Form 709. While you won't have to pay a tax at that point, it's still a pain to have to complete the tax return. That amount will also be subtracted from your lifetime gift and estate tax exemption, which is $13.99 million for 2025.
In terms of minimizing your taxes, I'd try and keep your income below $150k so you can take advantage of the full senior tax deduction of $6k each, but it looks like you'll be able to do that just fine. There's not much else I can think of for you, but for your son, he may qualify for a Mortgage Credit Certificate (MCC), which is a phenomenal program for first time home-buyers. I was able to get one, and it's saved me thousands of dollars over the years. The way it works is that you get a tax credit for your mortgage interest paid every year, up to a certain percentage. My percentage is 30%. With mortgage interest rates being so high, the credit can be significant, especially in the earlier years of ownership. There are rules though, and your son would have to apply for it up front; some lenders don't offer it. But have him check out his state's rules! MCC's make home ownership a lot easier.
I hope this helps!
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