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slicher
New Member

Is there a way to know how much money I can withdraw from my retirement account before I will pay taxes on it?

 
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ToddL
New Member

Is there a way to know how much money I can withdraw from my retirement account before I will pay taxes on it?

That will depend on your other income, credits, deductions and filing status. Unless you have a Roth account, any amount you withdraw from your retirement account is subject to tax. 

If you had no other income (including Social Security), were filing as Single and taking the standard deduction, you could potentially take out $10,350 from your retirement account and pay no tax ($10,350 income less $6300 standard deduction less $4050 personal exemption = "0" taxable income)

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ToddL
New Member

Is there a way to know how much money I can withdraw from my retirement account before I will pay taxes on it?

That will depend on your other income, credits, deductions and filing status. Unless you have a Roth account, any amount you withdraw from your retirement account is subject to tax. 

If you had no other income (including Social Security), were filing as Single and taking the standard deduction, you could potentially take out $10,350 from your retirement account and pay no tax ($10,350 income less $6300 standard deduction less $4050 personal exemption = "0" taxable income)

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