Tax Law (Questions About Taxes)/401k retirement


I am turning 65 next year and plan on having quarterly withdrawals taken from my 401k for about 20 years. How do I know what the irs will be withholding or the rates on each check.

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Tax Samaritan  
Your 401k withdrawals may be fully or partially taxable. If all contributions to the 401k were made pre-tax, then your distribution will be fully taxable. If you contributed some after-tax dollars to your 401k, then you have what is known as cost basis (i.e. investment in the 401k that has already been taxed) in the 401k. Part of your distributions will be a tax-free recovery of your cost basis, and the remainder will be taxable income.

As it pertains to your federal tax rate, that will depend on your income level and filing status. You should withhold sufficient income tax from your withdrawals to cover the estimated tax due based on the distribution.

Individual Filer Rates:
$0 to $8,925 = 10% rate
$8,926 to $36,250 = 15%
$36,251 to $87,850 = 25%
$87,851 to $183,250 = 28%
$183,251 to $398,350 = 33%
$398,351 to $400,000 = 35%
$400,001 and above = 39.6%

Married Filing Jointly:
$0 to $17,850 = 10%
$17,851 to $72,500 = 15%
$72,501 to $146,400 = 25%
$146,401 to $223,050 = 28%
$223,051 to $398,350 = 33%
$398,351 to $450,000 = 35%
$450,001 and over = 39.6%

Married Filing Separate:
$0 to $8925 = 10%
$8,926 to $36,250 = 15%
$36,251 to $73,200 = 25%
$73,201 to $111,525 = 28%
$111,526 to $199,175 = 33%
$199,176 to $225,000 = 35%
$225,001 and over = 39.6%

Best regards,

Randall Brody, EA
702.350.1040 Direct
702.933.9115 Fax
Skype: randallsamaritan

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Randall Brody, EA, MBA, CCP


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