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doc03

(39,188 posts)

7. I bought a car last year and withdrew $12500 from my IRA and had to pay

Reply to DesertFlower (Reply #6)

Mon Oct 31, 2016, 10:21 PM

Oct 2016

almost $4500 tax on that $12500. We were told years ago we could deposit money in an IRA our taxes would be deferred until
we retired and we would most likely be in a lower tax bracket. The thing is if we would have just invested the money ourselves
we would be paying capitol gains of 15% instead.

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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