General Discussion

doc03

(39,194 posts)

3. Back in 1983 those numbers were considered high income and they have never

Mon Oct 31, 2016, 09:54 PM

Oct 2016

been adjusted for inflation. Adjusted for inflation $32000 would be $77500 and $44000 would be $106,500. I have brought this up
on DU numerous times and it never gets any attention. I am single and get SS, a modest pension and saved money in an IRA. If I
withdraw under $12500 from my IRA I pay a combined state and federal tax of about 35%. If I withdraw over $12500 my tax rate jumps to over 45%. Until a majority of married retirees start getting hit with this tax I guess we will have to live with it.

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paying tax on social security benefits [View all] DesertFlower Oct 2016 OP

No, amounts are constant Cicada Oct 2016 #1

so more people are paying tax on their benefits. DesertFlower Oct 2016 #2

You betcha more pay this tax each year Cicada Oct 2016 #8

Back in 1983 those numbers were considered high income and they have never doc03 Oct 2016 #3

i get social security survivor benefits, my late husband's pension DesertFlower Oct 2016 #4

Well there you go I guess you are happy paying a higher tax rate than a millionaire doc03 Oct 2016 #5

i'm not happy with the amount of tax DesertFlower Oct 2016 #6

I bought a car last year and withdrew $12500 from my IRA and had to pay doc03 Oct 2016 #7

But you would not have gotten a tax deduction for the cost of the capital asset Cicada Oct 2016 #9

Just as I said earlier every time this subject is brought up somehow doc03 Oct 2016 #11

the minium i can take out of the 401k DesertFlower Oct 2016 #10