The equation is (there are 2 equations):
1. Total other reportable income* – deductions – exemptions = taxable income before IRA withdrawal
2. Top of 15% bracket ($37950 for single) – taxable income from equation 1 = amount you can withdraw at 15% rate
You can use this tool to try different scenarios: <a rel="nofollow" target="_blank" href="
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1">https://turbotax.intuit.com/tax-to...>
Better yet, buy the download (not online) version of TurboTax. You can do an unlimited number of test returns.
Here’s an additional caveat: When you take out an IRA distribution, more of your social security becomes taxable. This is because the taxability of SS is dependent on how much other income you have. So your reportable income is not a fixed amount.
