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Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55607
Experience:  29 years of experience as a tax, real estate, and business attorney.
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My wife and I combined have taxable income of $159,000 and

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My wife and I combined have taxable income of $159,000 and are paying 25% taxes. My question is if I take $30,000 out of my 401K will this and the taxable income of $190,000 move us to a higher bracket?
Submitted: 2 years ago.
Category: Tax
Expert:  Richard replied 2 years ago.
Hi! My name is ***** ***** I look forward to helping you!
If you file jointly, the income tax brackets in 2015 are as follows: i) taxable income between $74,901 - $151,200 is taxed at a 25% marginal rate; and ii) taxable income between $151,201 - $230,450 is taxed at a marginal rate of 28%. So, because your taxable income is already at $159,000, the $30,000 would be taxed at a marginal tax rate of 28%. You can find all the brackets at the following link: http://www.forbes.com/sites/kellyphillipserb/2014/10/30/irs-announces-2015-tax-brackets-standard-deduction-amounts-and-more/
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