Solved: What will be my federal tax rate at age 70?
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New Member

What will be my federal tax rate at age 70?

 
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Alumni
Alumni

What will be my federal tax rate at age 70?

Tax rates are based on income, not age, so know one here can answer that for you.

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Alumni
Alumni

What will be my federal tax rate at age 70?

Tax rates are based on income, not age, so know one here can answer that for you.

View solution in original post

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Level 15

What will be my federal tax rate at age 70?

The fact that you turned 70-1/2 will require you to take Minimum Required Distributions (MRD) from any Retirement accounts like IRAs & 401ks. That may or may not push you into a higher tax rate bracket.  For tax rates see: <a rel="nofollow" target="_blank" href="http://www.forbes.com/sites/kellyphillipserb/2014/10/30/irs-announces-2015-tax-brackets-standard-ded...>. Your "taxable income" is after deductions (standard or itemized) and exemptions.
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Level 15

What will be my federal tax rate at age 70?

Based on your screen name, I'm guessing that you will turn age 70 in Sept of 2016.  If so, you'll be turning age 70.5 in March of 2017, so your first RMD won't be until 2017. Of course, you are free to take distributions and/or do a Roth conversion prior to then.
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Level 15

What will be my federal tax rate at age 70?

and we have no idea what the tax rates or tax law will be either of those years yet.
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Alumni

What will be my federal tax rate at age 70?

Your tax rate is independent of age. Your tax rate is dependent on how much income you have. From birth to death, your tax rate is determined by your income, not by your age.
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Level 15

What will be my federal tax rate at age 70?

Tax rates can also vary according to which political party controls Congress and the White House.

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