What is my tax rate for NYC????

[lesliebihary]

My wife and I have approximately $240,000 in our IRA accounts. We have no income other then Social Security benefits and we are both over 70 years of age. My wife is 72 and I an 77.

We would like to cash in our retirment funds and my question is how much this will this cost us.

[caroleannjenkins]

When I want to determine the tax effect of an action, I just modify my latest tax return with the new info.
First open your latest return and click on file then save as Denali t a copy of your return. I use something like "2019-estimate".  Then using that copy I make  changes that I am contemplating --like showing the total
of your accounts being distributed.  I'm pretty sure u will not be pleased with the tax bracket a total distributed union will land you in.  If u are unhappy with your investments you know you can keep the account intact and simply move it to a new place--like a new brokerage firm.  Be sure to not take possession of it yourself--have the new firm granted it and there will be no tax consequences.

If you need and want the money to spend, consider taking it out over 2 or 3 years.

[SweetieJean]

OP is asking from TT Online, not TT desktop.