Have Tax Questions? Ask a Tax Expert for Answers ASAP
Thank you for your question, and thanks for using JustAnswer.com
Do you need more information? would it be better to take out $200k
You are over the age of 59.5 so you would not have a 10% penalty
However, you would owe income tax on the entire amount
that is my question? how much
Taxes on $330,000 of income assuming you are single at the end of the tax year are $90,211
I would still be married.
On $230,000 it will be $57,211
on 230k what would it be if I were still married
Let me take a look
Still married your tax on $330,000 is $79,450
$230,000 it's $46,719
is there a tax table that I could view regarding different amounts on dispersal including income?
I use the TurboTax Taxcaster to estimate taxes
It uses 2012 figures, but the 2013 values won't vary by much
do you think it better to get a mortgage and pay interest, vs.pay taxes on dispersals
I think it would be better to get the mortgage, then take out of your retirement over a number of years to pay off your loan quickly
Or even just take out enough each year to make your loan payments
This will spread the liability over several years
do you think I should consider renting, to save money
No, I think over the long term home ownership is better
if you can afford it
Is there anything else that I can assist you with today?