My retirement date is April 2021. What I am worried about is the taxable income for that year. I currently have a 18 month land contract coming due in June 2021 and then the remaining amount is due. It is $143,000. I have a 457 plan that can pay the amount however, will this amount increase my taxable income for that year? So, if I retire in April 2021 and withdraw the amount needed for the pay off amount, is that added as taxable income for the year. I know that i will have to pay state and federal tax upon withdraw. Any advice would be helpful!
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