I have a small amount (~$7,000) in my 401K from my last 3 years of teaching. Because I turned 72 in August I have been informed that I must take distributions beginning Nov. 10. Because Social Security has determined that they overpaid me (I have a small Greek pension) and stopped all payment in March, I have very little income this year ($800/month from my investments), so $9,600 for the year. My question is, can I just deposit the $7,000 from my 401K in my bank account? How much tax will I pay?
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Filing status |
2023 standard deduction |
---|---|
Single |
$13,850. |
Married, filing separately |
$13,850. |
Married, filing jointly; qualified widow/er |
$27,700. |
Head of household |
$20,800. |
People who are 65 or older and those who are considered blind by IRS definition are entitled to an additional standard deduction amount that they may add to their existing base standard deduction. How much extra depends on filing status and which conditions are applicable.
Single or head of household |
|
---|---|
65 or older or blind. |
+ $1,850. |
65 or older and blind. |
+ $3,700. |
Married filing jointly or married filing separately |
|
65 or older or blind. |
+ $1,500 (per qualifying individual). |
65 or older and blind. |
+ $3,000 (per qualifying individual). |
Tax Rate | For Single Filers | For Married Individuals Filing Joint Returns |
---|---|---|
10% | $0 to $11,000 | $0 to $22,000 |
12% | $11,000 to $44,725 | $22,000 to $89,450 |
Filing status |
2023 standard deduction |
---|---|
Single |
$13,850. |
Married, filing separately |
$13,850. |
Married, filing jointly; qualified widow/er |
$27,700. |
Head of household |
$20,800. |
People who are 65 or older and those who are considered blind by IRS definition are entitled to an additional standard deduction amount that they may add to their existing base standard deduction. How much extra depends on filing status and which conditions are applicable.
Single or head of household |
|
---|---|
65 or older or blind. |
+ $1,850. |
65 or older and blind. |
+ $3,700. |
Married filing jointly or married filing separately |
|
65 or older or blind. |
+ $1,500 (per qualifying individual). |
65 or older and blind. |
+ $3,000 (per qualifying individual). |
Tax Rate | For Single Filers | For Married Individuals Filing Joint Returns |
---|---|---|
10% | $0 to $11,000 | $0 to $22,000 |
12% | $11,000 to $44,725 | $22,000 to $89,450 |
So since I am married filing jointly I won't pay tax if my income is under $27,700? So I can just put the $7,000 in the bank?
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