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Sc00ter01
Returning Member

Taking additional 401k distributions in 2024 due to heavy medical/dental bills this year

We make 52,000 in SSA income plus another 10,000 in a small pension (3600), an RMD (3600) and interest income (3,000).  For 2024, we incurring over $50,000 in health and dental bills.  It appears that if we itemize deductions, we'd have room to take 401(k) distributions without incurring additional taxes.  How do I determine how much retirement income I can take without paying taxes in the distribution due to the heavy itemized deductions

 

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TeriH
Employee Tax Expert

Taking additional 401k distributions in 2024 due to heavy medical/dental bills this year

Great question!

The best idea would be for you to use TurboTax's Tax Calculator to get an idea of how your expected  tax liability.

 

You'll start off answering questions re filing status etc.  Then move on to the types of income your anticipate.   (Please note, the calculator is still showing 2023 tax rates but it will update soon to be 2024.)

 

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