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Tax on IRA distributions
I'm trying to do some tax planning for 2024, using Turbotax 2023 to do some pro-formas. In doing so, I'm finding that a $1000 increase in my traditional IRA withdrawal increases my Federal tax burden by $270, suggesting a 27% marginal rate. #1, there was no 27% marginal rate in the 2023 tax tables (MFJ) and #2, even if there were, my retirement income isn't close to those higher marginal rates. Can someone verify what I'm looking at, and provide an explanation? Thanks
‎June 28, 2024
7:15 AM