Much to my ignorance, I entered some numbers in the IRS & State Tax Calculator. Many of our posters do their own taxes. We use an accountant.
https://www.irscalculators.com/tax-calculator
I also refigured our SS at age 70. It turns out that if both of us live to 70+ our combined SS will be approx $75k. We could live on that. But if I add capital gains of $20k, we have an income of $95k. Plugging in those numbers for 2023, we pay 0 federal taxes and $760 state taxes in IL.
I realize tax law will change in 2027, but this surprised me, to say the least.
Edit: I added RMDs of $60k and got $14,746k federal tax and got $3730 state tax. The Roth contribution rollover strategy is on. It just got serious.
https://www.irscalculators.com/tax-calculator
I also refigured our SS at age 70. It turns out that if both of us live to 70+ our combined SS will be approx $75k. We could live on that. But if I add capital gains of $20k, we have an income of $95k. Plugging in those numbers for 2023, we pay 0 federal taxes and $760 state taxes in IL.
I realize tax law will change in 2027, but this surprised me, to say the least.
Edit: I added RMDs of $60k and got $14,746k federal tax and got $3730 state tax. The Roth contribution rollover strategy is on. It just got serious.
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