The amount of Social Security taxable (0-85%) depends on your total income. The best idea would be for you to use TurboTax's Tax Calculator to get an idea of how your expected income from retirement plans will impact your tax liability when you add it to your social security income. (Please note, the calculator is still showing 2023 tax rates but it will update soon to be 2024.) New York does not tax Social Security.
The Tax Calculator will help estimate federal taxes on your other retirement accocunts as well.
Money withdrawn from pensions and 401(k)s, 403(b)s and IRAs are combined and taxed as regular income in New York. But federal and New York state pensions and military retirement pay are tax-exempt.
For those 59½ or older, the first $20,000 of retirement income (from a corporate pension, an IRA, a 401(k) account or another retirement plan) is tax-exempt. If you are married, each spouse is eligible for the $20,000 exclusion, for a total of $40,000.
The best way of finding a local tax advisor may be by asking for recommendations. Also consider length of time in business and certifications such as CPA and CFP.
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