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Level 1

Taxes on my retirement

I really need help figuring out how much taxes will be taken out when I retire in 2 1/2 years @ age 62.  I am projected to receive monthly exactly:
FERS:  $2,360
TSP:  $2,500
My military and disability are not calculated here as they are already set payments.  I am calculating a 12% reduction.  Please prove me wrong.
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1 Reply
Employee Tax Expert

Taxes on my retirement

Hi, @Stu5 , thanks for the question! As your question is very specific to your situation, you may want to consider contacting TurboTax directly via phone or chat. However, I will do my best to answer in general terms. 


There are many factors that can affect the exact amount of your tax liability. When considering how much additional tax liability you will have on specific additional income, your "marginal tax rate" is helpful in making that calculation. This TurboTax article explains tax brackets in much more detail. 


Also, please keep in mind that tax withholding and tax liability are two separate things. If you are concerned about the amount of your tax withholding on these distributions, you should deal directly with whomever is distributing the funds to you. The purpose of tax withholding is to pay some or all of the tax liability created by the income. But since the exact amount of tax liability depends on many factors as I've said, withholding amounts are estimates at best. 


Hope this helps! 

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