Earned Income ?
L1: Earned Income ?I expect to begin 72t distributions when I turn 50 next year. Are there any restrictions/limits on earning income once I start?2015-01-02 00:57, By: doc, IP: [220.127.116.11]
L2: Earned Income ?No. But remember that the distributions will be taxable income. So, the combination may place you in a higher tax bracket — like 25% rather than 15% if you did do one or the other.
If it does, and you can afford to live on less, then you can make contributions to a separate IRA, or even contribute to a 401-K at the job, if you are eligible. If you would be consulting, then you could contribute even more, and possibly lower your tax bracket, and taxes would be reduced significantly.
You should project your needs, cash flow, and tax situation for 2015 and future years. The reason for projecting 2015 is in case it makes sense to start it late in 2015 based upon your tax situation in these years. You might consider working with a financial planner or a tax specialist.2015-01-02 01:39, By: dlzallestaxes, IP: [18.104.22.168]