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n3355894ca1
New Member

IRA

I’m planning on cashing in retirement account valued at $42,000. How much in taxes should I expect to pay? Current income is $1373mo from Social Security. 

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‎November 20, 2019 8:05 AM
last updated ‎November 20, 2019 8:05 AM
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DoninGA
Level 15
Level 15

IRA

Use the TurboTax calculator TaxCaster to get an estimate of the taxes owed - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

 

Up to 85% of Social Security Retirement/Disability/Survivors benefits becomes taxable when all your other income plus 1/2 your social security reaches:

  • Married Filing Jointly - $32,000
  • Single or Head of Household - $25,000
  • Married Filing Separately - 0
‎November 20, 2019 8:13 AM
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