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DesertFlower

(11,649 posts)

10. the minium i can take out of the 401k

Reply to doc03 (Reply #7)

Mon Oct 31, 2016, 10:45 PM

Oct 2016

is over $18,000 a year.

back in '85 my mom was collecting ss -- very small amount and living off a small amount of savings. she won $50,000 and had to pay over $17,000 in tax. her car was on its last leg so she bought a honda civic -- i think it was about $12,000. some people said "you won $50,000 -- why didn't you buy a cadillac"? she put the remainder of the money in the bank and drew on it as needed.

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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