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Question

I have 38,000.00 in a ira. If close this out, approx how much tax will I need to pay?

Submitted: 23 days and 17 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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Optional Information

State/Country relating to question: Indiana

Already Tried:
I am 71 years old , married with income around 20,000.00

Posted by Bill 23 days and 17 hours ago.

Info Request

What is the source of your $20,000 income (social security, interest, dividends, pension, etc)?

23 days and 17 hours ago.

Reply

12000.00 Pension

8000.00 social security

23 days and 17 hours ago.

Reply

what is your quettion

Accepted Answer

Your federal income tax would be approximately $4,550. If you could spread the distributions over 3 years (approximately $13,000 a year) and your other income remains about the same as this year, then you would only pay about $1,250 in total federal income taxes over the 3 years.

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Expert: Bill
Pos. Feedback: 99.6 %
Accepts: 
Answered: 10/28/2009

Enrolled Agent

EA, QPA, CHFC, CEBS, CLU - 29 years experience providing financial advice

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