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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10103
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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How can I figure out what I will pay in taxes in retiremen

Customer Question

how can I figure out what I will pay in taxes in retirement?
Submitted: 7 months ago.
Category: Tax
Expert:  Lane replied 7 months ago.
Hi,...I can help you with this ... If you'd like to give me your projection for what the income (pensions, social security, withdrawals from any IRAs or 4019k0s) I can run the projection for you....Generally speaking, your taxes will work the same as anyone NOT retired (with one big exception, and a couple of other smaller possibilities)...The biggest difference will be that you social security may not be taxable at all....The formula that's used takes 1/2 of your social security into account then adds other household income; and if that total is under 25000, it's not taxed at all. (32,000 for a couple)...Then if that number is ***** $25,000 and $34,000, up to 50% of your social security benefits could be added to your other taxable income to calculate your taxes ... and again if more than that, up to 85% of it could be taxed....For people who's only, or most of their, income is Social Security NOTHING's taxable
Expert:  Lane replied 7 months ago.
But again, I can run the numbers for you if you can tell me:...(1) How you file (single, jointly)(2) What your expected income is (how much and from where)
Expert:  Lane replied 7 months ago.
Here's a good site for projecting how much of your social security is taxable: https://www.calcxml.com/calculators/how-much-of-my-social-security-benefit-may-be-taxed...Please let me know if you have any questions at all, or would like for me to run the numbers for you....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")...JustAnswer will not credit me for the time and work until you have rated in this way....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.
Expert:  Lane replied 7 months ago.
Did you see my answer?
Expert:  Lane replied 7 months ago.
I'd be more than happy to run the projections for you...let me know
Expert:  Lane replied 7 months ago.
If this HAS helped, and you DON’T have otherquestions … I'd appreciate a positive rating (using the faces or stars on your screen, andthen clicking “submit I know it takes an extra step, but JustAnswerwon’t credit us for the work until you rate....Thank you!Lane