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What percentage of tax should I have withheld from each rollover IRA distribution check after age 66 and from each social security check as well?
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What percentage of tax should I have withheld from each rollover IRA distribution check after age 66 and from each social security check as well?
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What percentage of tax should I have withheld from each rollover IRA distribution check after age 66 and from each social security check as well?
This answer implies that tax withholding on IRA Distributions after age 66 and tax withheld on Social Security Income are taxed the same as a pay check when one is still working. I need more of an answer to my initial question. Do I need to restate that question or is it visible to whomever answers questions?
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What percentage of tax should I have withheld from each rollover IRA distribution check after age 66 and from each social security check as well?
Yes they are taxed the same. They are taxed as ordinary income.
But only Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:
Married Filing Jointly: $32,000
Single or head of household: $25,000
Married Filing Separately: 0
But only Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:
Married Filing Jointly: $32,000
Single or head of household: $25,000
Married Filing Separately: 0
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What percentage of tax should I have withheld from each rollover IRA distribution check after age 66 and from each social security check as well?
Thanks for your input VolvoGirl, I did see that information on the FAQ's. I am still looking for something more specific. I need to know what to have held out from each check both IRA and Social Secuity. "Up to 85%" is not specific enough for what I am asking. Is there a tax withholding chart of sorts?
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What percentage of tax should I have withheld from each rollover IRA distribution check after age 66 and from each social security check as well?
It's complicated, because the tax on Soc Sec benefits depends upon your total other (Joint) income. For example, see this:
<a rel="nofollow" target="_blank" href="https://taxmap.irs.gov/taxmap/pubs/p915-005.htm#en_us_publink1000263043">https://taxmap.irs.gov/taxm...>
<a rel="nofollow" target="_blank" href="https://taxmap.irs.gov/taxmap/pubs/p915-005.htm#en_us_publink1000263043">https://taxmap.irs.gov/taxm...>
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