johnrlawjr
Dryer sheet aficionado
Hello my friends:
I retired last year with an adequate pension and upon turning 62 last Wednesday I decided to apply for early social security. I know that is a controversial decision; however, longevity in my family is not a strong suit.
Using Turbo Tax and my projected Social Security and Pension incomes, I calculated my tax liability for next year. Any work income would be negligible. I also understand with the circus happening in Washington, D.C. rates are always subject to change. If rates stay the same, I project a tax liability of about $3,000.00. I was wondering if anybody has any suggestions on how I can reduce my tax bill. I am a single filer with no home in the 25% bracket. I have no interest in owning a home.
I have a 403b account. Could increase the money that I pay that account. Is it possible now that I am retired? Would that increase that amount that I have to pay when I reach 70.5 years. Should I just consider myself lucky (which I do) and just pay the tax. Can I increase my withholdings this far into 2013? Any suggestions would be greatly appreciated.
I retired last year with an adequate pension and upon turning 62 last Wednesday I decided to apply for early social security. I know that is a controversial decision; however, longevity in my family is not a strong suit.
Using Turbo Tax and my projected Social Security and Pension incomes, I calculated my tax liability for next year. Any work income would be negligible. I also understand with the circus happening in Washington, D.C. rates are always subject to change. If rates stay the same, I project a tax liability of about $3,000.00. I was wondering if anybody has any suggestions on how I can reduce my tax bill. I am a single filer with no home in the 25% bracket. I have no interest in owning a home.
I have a 403b account. Could increase the money that I pay that account. Is it possible now that I am retired? Would that increase that amount that I have to pay when I reach 70.5 years. Should I just consider myself lucky (which I do) and just pay the tax. Can I increase my withholdings this far into 2013? Any suggestions would be greatly appreciated.