I will be receiving SS next Feb when I am 65. I have a standard 401K with balance of $100,000. How will my taxes be affected should I take a partial withdrawals?
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The 401k withdrawal will be added to your total income and taxed at your regular tax rate (and may push you into a higher tax bracket).
For SS....
Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:
Married Filing Jointly: $32,000
Single or head of household: $25,000
Married Filing Separately: 0
Generally social security alone is not a taxable income but if you have other sources of income i.e. wages, pension and other retirement income, interest or dividends etc. up to 85% of your social security may be taxable depending on the total income and filing status.
Your benefits may be taxable if the total of (1) one-half of your benefits, plus (2) all of your other income, including tax-exempt interest, is greater than the base amount for your filing status.
The base amount for your filing status is:
https://www.irs.gov/faqs/social-security-income#:~:text=Your%20benefits%20may,the%20tax%20year.
So in short , your other income and half of social security benefits will determine your tax rate.
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