I retired in July of this year at the age of 63. Back in January I took a withdrawal from my 401K. (To pay off remaining debts) Can anyone tell me if that withdrawal which is "earned income" will be considered when determining if my social security income is taxable? (Since the withdrawal was made before I retired) My wife also retired in August and according to SS we are allowed to make $44000 before we pay tax on SS income. That withdrawal along with some income we received after retiring puts us over the $44000.if it counts, I understand that up to 85% of our SS income could be taxable. We both stayed under the $1260/ mo. allowed after we retired to avoid reduction of SS benefits.
I have a meeting with my tax consultant in two weeks to discuss this and a couple other matters. I was just wondering if anyone knows if I will have to pay tax on my SS income? Thanks!
Cjacks
I have a meeting with my tax consultant in two weeks to discuss this and a couple other matters. I was just wondering if anyone knows if I will have to pay tax on my SS income? Thanks!
Cjacks