Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
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?

 
1 Best answer

Accepted Solutions
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)

View solution in original post

1 Reply
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)

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~