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Wolbachc
September 28, 2022
Question

Withdrawing taxable income in retirement

  • September 28, 2022
  • 1 reply
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What would be an easy way to figure out how much tax I’ll owe when withdrawing taxable income in retirement?

      1 reply

      V
      VincentL
      September 28, 2022

      You could total all income which is taxable, subtract your standard or itemized deductions and then calculate your tax. This is very simplistic. Your particular circumstances will alter this simple calculation. Always be conscious of your tax bracket in making withdrawals.

       

      Here are the rates from 2022 and proposed for 2023:

       

      Tax Rate Taxable Income (Single) Taxable Income (Married Filing Jointly)
      12% $10,276 to $41,775 $20,551 to $83,550
      22% $41,776 to $89,075 $83,551 to $178,150
      24% $89,076 to $170,050 $178,151 to $340,100
      32% $170,051 to $215,950 $340,101 to $431,900

       

      Projected 2023 Tax Rate Bracket Income Ranges

      • 10% – $0 to $11,000.
      • 12% – $11,000 to $44,725.
      • 22% – $44,725 to $95,375.
      • 24% – $95,375 to $182,100.
      • 32% – $182,100 to $231,250.
      • 35% – $231,250 to $578,125.
      • 37% – $578,125 or more.
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