In 4 years, age 66/10, my retirement is $3,100 to total $37,200 a year. Assumption: 15,000 withdrawn from 401k, to total $52,200 a year, $8,200 above the $44,000 threshold for couples and hence taxed 85% of my tax income.
does it mean my taxable amount is $37,200*.85 + $15,000 = $46,620? is that $37,200*.15 = $5,580 excluded from my taxable income?
is there a similar consideration for IRA, 401k retirement plans?
From the description it looks like you are asking abut how much of your social security income will be taxed. This link will give you a little more detail regarding how your social security is taxed (https://www.ssa.gov/benefits/retirement/planner/taxes.html)
Regarding your IRA or 401K, this depends on a couple items:
- For an IRA or 401K, there is no "split" like on Social Security.
- Is it a Roth IRA / 401K?
- Is there a cost basis (sometimes people contribute to an IRA and it is not deductible. You would have filled out a Form 8606 on your tax return).