@trudijane wrote:
I’m expecting a lump sum of an annuity I opened 10 years ago; not sure of the amount yet; but I’d like to know approximately how much of the total would be taken out for taxes. I’m not sure of my ‘tax bracket’ but from what I’ve read - it’s 12% - but Id like someone from Turbotax to confirm that.
This chart tells me it is 12%. I also need to know my state tax bracket. Who can I contact at Turbotax to confirm what it is? Then my financial planner can help me figure this out! Thank you
Filed Single
12% $9,951 to $40,525 $19,901 to $81,050
22% $40,526 to $86,375 $81,051 to $172,750
24% $86,376 to $164,925 $172,751 to $329,850
Let's just say that I was getting 35,000. Based on the above, how much would be taken out for taxes??
See this TurboTax website for tax brackets and how to calculate the taxes on your taxable income - https://turbotax.intuit.com/tax-tips/irs-tax-return/what-is-my-tax-bracket/L3Dtkab8G
Go to your state tax authority website for state tax brackets.
