I've collected unemployment this year in CA and didn't pay taxes on it. I've now left the US, living in Asia. Inexpensive to live here. I only need $2000 a month. I'm 60. I have about $200k in a trading account and $100k in an IRA. I'm just living on dividends and cash savings. Haven't had to get into the principle. I'll probably start collecting SS in 2 years.
My questions;
1. Any reason I shouldn't transfer money over to the IRA account to offset the income from taxes, right away? I believe it's $5000.
2. Should I be pulling money from the IRA account to meet expenses to offset any money I might need over the dividend income? Or should it be in some combination with the regular account? It's not a Roth.
My questions;
1. Any reason I shouldn't transfer money over to the IRA account to offset the income from taxes, right away? I believe it's $5000.
2. Should I be pulling money from the IRA account to meet expenses to offset any money I might need over the dividend income? Or should it be in some combination with the regular account? It's not a Roth.