Tax on IRA withdrawls

[dougleopard]

I just retired. How do I know how much to withhold out of my Schwab IRA for federal taxes. I live in Texas , so there is no state income tax . Thanks.

[Critter-3]

https://www.irs.gov/individuals/tax-withholding-estimator

[SteamTrain]

....or try TTX's Taxcaster tool.  It uses 2019 rates, but should be close enough:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

[Opus 17]

In the simplest case, if you are single and withdraw $25,000 or less from the IRA, then your social security is tax-free and you will pay about 6% federal income tax on the IRA.  (No tax on the standard deduction of $12,500, then 10% on the next $9000, then 12% on the last $6000.)

However, if you are married, or have other income, or withdraw more than $25,000, then your tax on the IRA goes up and you also start to pay tax on your social security.  So you really need to use one of the online calculators. 

[Bees]

This is an excellent calculator to play around with 

https://www.mortgagecalculator.org/calcs/1040-calculator.php

Edited the link to show the full 1040 calculator instead of 1040ez

[Jack421]

Thank you for the mortagecalculator it is great, just what I was looking for.