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Level 1
July 26, 2023
Question

401k

  • July 26, 2023
  • 1 reply
  • 1 view

I’m retiring in September and our income will drop approx $50k next year. I want to withdraw some of my 401K is better to wait until next year or will the taxes be the same if I take some this year?

1 reply

Cindy4 12
Employee Tax Expert
Employee Tax Expert
July 26, 2023

Hi @afpgdp !

 

Based on what you've shared your income should be lower next year so the tax impact would be less.  

 

Hope this helps!

Cindy

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