Taxes, Profit Sharing Withdraw to pay off mortgage.

[leishar]

I started my retirement in March of this year. I am at full retirement age, born 1954. My question is how much tax should I expect to pay on 80K I took from my companies profit sharing to pay off my mortgage?  If I include this amount as earned income my gross income for the  year will be approximately 110K.

[mfields2]

Money taken from your profit sharing plan would be fully taxable as income, since it has never been taxed.  You did not mention your filing status or state, but I can make a few observations:

1) Your social security benefit will be taxed at 85% of the total amount of social security benefit, based on your overall income outside of social security.

2) A quick calculator for determining your taxable income would be this one:  https://smartasset.com/taxes/income-taxes .  Include 85% of your total social security benefit amount as part of your taxable income when you make the calculation.  For instance, if your total income is $110k and you are Single, your federal income tax calculates to $17,504 (with the standard deduction).  If you would like a more accurate calculator, use our TaxCaster:  https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

[leishar]

I am single living in Colorado.   80K  profit sharing 22K Social Security 9k earned income for 2021