Required Minimum Distribution Impact You In Your 70s

Resulting in a shared standard deductible of $30,700 in 2023. This means you will be taxed on approximately $43,700 of your income ($74,400 — $30,700). This puts you in the 12% tax bracket, even accounting for extra money to cover the taxes. You anticipate generating $2,000 in <a href="https://medium.com/the-investors-handbook/stock-strategy-for-income-and-wealth-6513b940b805" rel="noopener">qualified dividends</a>, which you plan to spend. As your joint taxable income is under $89,250, you pay no tax on the dividends. Therefore, your projected taxable income will be $41,700, plus the amount needed to cover taxes. The first $22,000 is taxed at 10%. Looking at the above tax table, you see the remainder of your income will be taxed at 12%. You determine the tax you will owe Uncle Sam is around $4,564. <a href="https://medium.com/life-after-work/required-minimum-distribution-impact-you-in-your-70s-f9e96c5e9705">Click Here</a>