Hello again artist,
If your total income is around $48,000 and you pay spousal support of $6,000, this brings your income down to $42,000. If you cash in an IRA valued at $18,000, that brings your income up to $60,000 for the year.
You would be allowed a standard deduction
of $8,350 for filing
as HOH and then 3 personal allowances
of $3,650 each, for total deductions
of $19,400. That leaves you with taxable income of $40,600 for the year.
Your tax on this amount would be $5,492. You would also owe the 10% early withdrawal penalty on the IRA, so that adds another $1,800 to your tax, for a total of $7,292.
Since your children are both under the age of 17, you would get a $1,000 direct tax
credit for each of them, which will reduce your taxes owed to $5,292 for the year.
Even with the $60,000 income, your top tax bracket is still 15%. What you need to do is take a look at how much tax is being withheld from your paychecks and figure out how much you will have paid in at the end of the year through that withholding
. The difference between that and the $5,292 will be the extra tax you have to pay.
If this was helpful please press the Accept button. Positive feedback is also aprpeciated.
Thank you artist.