Taxes

L1: Taxes

I am 52 will be 53 in a couple of weeks and just starting a 72T my questions is when I have my custodian set up my RMD (is what I am changing to a one time thing).say the distribution amount is $1,500.00 max a month and I want them to hold 10% for federal taxes do I have them hold $150.00 and the amount going into my checking account will be $1,350.00.
2018-01-02 18:29, By: Scott, IP: [24.214.253.83]

L2: Taxes
Yes. But, have you determined that will be enough when you consider any other income, and the new tax rates which apply after the new Standard Deduction (and there are no longer personal exemptions)?
$ 1,500/month is $ 18,000/year. If you are filing as a single, the 10% tax bracket is only up to $ 9,525 of taxable income after the $ 12,000 standard deduction. If you will have more than $ 3,525 of other taxable income, it will be taxed at 12% up to $ 25,650 more of other taxable income.
If you are married, then the standard deduction is $ 24,000 above which the tax rate is 10% on the next $ 19,050 of income. The next $ 58,350 will be taxed at 12%.
If you will be in the 10% or 12% tax brackets, then any Qualified Dividends and Long-Term Capital Gains are taxed at -0-%.
2018-01-02 18:43, By: dlzallestaxes, IP: [173.75.252.16]