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Level 1

Question

Retirement Taxes

Forum|Forum|3 years ago
July 26, 2023
2 replies
16 views

My wife and I will have $40,000 in Social Security Income, I will have $15,000 in Pension Income, and I will be drawing $60,000 from my Retirement IRA..... are each of these income streams taxed at a different rate?

Ask the Experts - Retirement - July 2023

Level 4

Great question! First lets talk about social security. The amount of social security that is taxable depends on your total income.

Since you have additional income sources then once your Modified Adjusted Gross Income reaches 32,000 for Married Filing Jointly then a portion of your Social Security income becomes taxable. Both the Social Security and the retirement will be taxed as ordinary income. The tax for your IRA will depend on the type of IRA. What type of IRA do you have?

I hope it helps, please let us know if you have any additional questions.. Enjoy your day!!. **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Level 4

Here is a good link I found on the Social Security website.

https://faq.ssa.gov/en-us/Topic/article/KA-02471#:~:text=You%20must%20pay%20taxes%20on,income%E2%80%9D%20of%20more%20than%20%2432%2C000.

I hope it helps, please let us know if you have any additional questions.. Enjoy your day!!. **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"