I reside in NY, not that I think that matters very much for this question. I am 62 and recently began early retirement social security benefits.
Indulge me with my fantasy question:
My understanding is that from my current age until I reach the [current] regular retirement age of 67, I can earn up $14K which would be taxed as ordinary income, but beyond that I am taxed at $0.50 on the dollar.
So how would I be then be taxed if I won now Publisher Clearing House or Powerball jackpots?
🙂
