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I’m have been collecting my deceased husband’s monthly SS…

Customer Question
Second opinion] I’m have...

Second opinion] I’m have been collecting my deceased husband’s monthly SS benifts . I stopped working full time in order to meet the criteria .

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits properly. Please tell me more, so we can help you best.

I resigned a 33 year Job & has a 403b retirement fund . I cannot keep up the maintenance of my home, can I withdraw money from there without it being earned income ?

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

No... just need an answer please

Submitted: 1 month ago.Category: Social Security
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Answered in 1 hour by:
3/18/2018
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 month ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,988
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there.

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 month ago

Withdrawal of money from retirement accounts is not earned income.

...

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 month ago

If your question is about this AFFECTING your social security benefits, it will not.

...

Only wages or self employment income are earned income.

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 month ago

Rents, retirement account withdrawals, monthly pensions, dividends, interest, gambling winnings, NONE of that is earned income.

...

Only wages paid to an employee, or self-employment income (profits from a business) are earned income.

...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will credit me for the work.

...

But again, let me know if you need more here,

Lane

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Customer reply replied 1 month ago
If I made a withdrawal on my 403b
Would my tax bracket increase if I am not at FRA?
And I would definitely pay taxes on any $ withdrawn
Customer reply replied 1 month ago
I rather not pay the 53.00 to get an answer
So sorry ... I really don’t have that type of money to spend ... I live on my husbands SS & pension check
You answered my question but had the 2nd part to ask
Customer reply replied 1 month ago
Can I get an answer to my question above
Answered ... don’t think you answered the doctors question. And I read “an additional question ( which was connected to my original question needs to be answered )
Would NOT be charged
Customer reply replied 1 month ago
Not doctors question , I meant the entire question
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 month ago

You will always pay taxes on any amount withdrawn from a 403(b) unless it's one of the few plans that allows for after tax money .. and in that case the tax deferred growth comes out first, and is taxable.

...

(Disregard that call offer that the site makes. That doesn't come from the expert. JustAnswer does that automatically. No need for a call here)

...

But NO, withdrawals from ANY account ... qualified plans, which is taxable OR other types of accounts - is never earned income for purposes of the earned income limit for those under FRA ... or any other purpose.

...

Earned income is a very specific tax term (adopted by Social Security for this purpose) meaning Wages or self-employment business profit.

...

Just becasue something is taxable does NOT mean it's earned income.

...

Hope that helps,

Lane

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Customer reply replied 1 month ago
Lane
So I’m still not clear . Withdrawing money from my 403b , will raise my tax bracket & if so what exactly does that mean ?
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 month ago

We have a progressive tax rate system. Your entire year's worth of income isn't taxed at the same rate.

...

But rather, as you make more and more income through the year after getting to certain thresholds, that next dollar will be taxed at a higher bracket.

...

SO the distribution may or may not take those incremental (additional) dollars of income for the tax year into a higher bracket (depending on where you are in those brackets with the income that's already there.)

...

Here are the brackets for single and joint filers:

...

2018

Rate ..........Individuals........................Married Filing Jointly

10%.......…..Up to $9,525..................…..Up to $19,050

12%............$9,526 to $38,700.........…..$19,051 to $77,400

22%......…...$38,701 to $82,500............$77,401 to $165,000

24%............$82,501 to $157,500.....…..$165,001 to $315,000

32%......…...$157,501 to $200,000..…...$315,001 to $400,000

35%............$200,001 to $500,000..…...$400,001 to $600,000

37%............over $500,000.............……..over $600,000

2018

Rate ..........Individuals........................Married Filing Jointly

10%.......…..Up to $9,525..................…..Up to $19,050

12%............$9,526 to $38,700.........…..$19,051 to $77,400

22%......…...$38,701 to $82,500............$77,401 to $165,000

24%............$82,501 to $157,500.....…..$165,001 to $315,000

32%......…...$157,501 to $200,000..…...$315,001 to $400,000

35%............$200,001 to $500,000..…...$400,001 to $600,000

37%............over $500,000.............……..over $600,000

....

As you can see above, income from $9,526 to $38,700, for a single filer, is taxed at 12%.

...

SO if you are a single filer and income (not counting the 403(b) distribution) is already going to be at, say $14000 for the year, a distribution of another 24,000 from the 4013(b) would all STILL only be taxed at 12%

...

But if you took, say 30,000 from the 403(b), the amount that this takes your total taxable income over 38700 would be taxed at that next higher tax bracket of 22%.

...

But (very important point), that doesn't mean that all of a sudden ALL of that tax year's taxable income is taxed at 22% ... It just means that the amount of total taxable income over $38,700 is taxes at 22%.

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,988
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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