How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55607
Experience:  29 years of experience as a tax, real estate, and business attorney.
Type Your Tax Question Here...
Richard is online now
A new question is answered every 9 seconds

My wife and I combined have taxable income of $159,000 and

Customer Question

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:
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!