Husband and wife withdrawing 48K from their traditional IRA accounts under the 72(t) rule. Assume that this is their only income.
Income: 48K.
Standard deduction: 10K
Exemption for 2: 6.4K
Taxable income: 48 - 10 - 6.4 = 31.6K
From 2005 tax table. $4,014 tax
Did I miss anything? I will be doing something similar to this a few years from now, and would like to make sure there won't be any surprise. Thanks.
Income: 48K.
Standard deduction: 10K
Exemption for 2: 6.4K
Taxable income: 48 - 10 - 6.4 = 31.6K
From 2005 tax table. $4,014 tax
Did I miss anything? I will be doing something similar to this a few years from now, and would like to make sure there won't be any surprise. Thanks.