Thank you for the reply!
Now that I can type more than 150 characters, I can be a little more specific.
I'm all good on the age penalty portion. (And I can attest to that every morning when I hear the snap-crackle-pop getting out of bed!)
My wife and I will gross in the neighborhood of $478,000 in 2021. This is SIGNIFICANTLY more than ever before due to taking money out of my 457(b) for a home remodel.
What gets subtracted from our gross? (Property taxes, charitable contributions, child care, etc...)
And is that number our "adjusted gross income"?
If not, then what is my "agi"?
Is our tax bracket determined by our agi?
Somewhere in the past, I was told that if one is "waaay" short on income tax via normal withholdings, there is a large penalty in addition to taxes due.
In addition to the 20% mandatory withholding, we're only taking out "normal" withholdings on our regular paychecks. Is there anything else we can do to mitigate how much we owe come tax time?
Is there indeed a penalty if I come up "waaay" short?
Thanks in advance for the help!
