Author Topic: WI income tax question /withdrawal amount  (Read 877 times)

soccerluvof4

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WI income tax question /withdrawal amount
« on: February 15, 2017, 06:35:11 AM »
Good morning,

In the ramp up I am thinking of going above my typical 4% just so I can get some projects done. Having said that and not knowing all the tax ramifications on my taxable/non taxable accounts withdrawals I know that when I take them now (withdrawals) vanguard says the tax consequences are minimal if at all. So to put this I guess in the safest manner to protect me worse case scenario I am looking to see how much one might think I can withdrawl for the year with minimum or a tax amount that makes sense combined with my DW new income.  If this seems like a dumb question I apologize but just looking for a round number and I will stay away from it to be safe.  So here is info that I have I think is needed.

My DW income is 35k a year and we pay through her employer 480 a month for Health insurance but she just started before the year started ( we did this just for a year or till this health shit gets straightened out with the ACA) so she's not qualifing for anything else.

We have us 2 and 4 kids so 6 in all.

House is paid for and property taxes lets call it slightly rounded up to $3500 for the year.

That's pretty much it.

No debt beyond that etc.. and where done contributing to 529's so I can think of anything else.

If easier to just look at if two people were working so 2 incomes that's fine too. Just trying to figure again around number that I can take overall this year to get some shit done. Nothing I am doing would give me really tax credits either.

Thanks...


And I am not going to hold anyone to anything as I understand its very broad question in scope but it is what it is.



MDM

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Re: WI income tax question /withdrawal amount
« Reply #1 on: February 15, 2017, 11:15:57 AM »
If you have access to real tax software that includes and state and local taxes, creating a separate test file to run your scenarios is probably best.

To the extent a single tax rate captures your state+local taxes, the case study spreadsheet may provide a decent quick estimate.

soccerluvof4

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Re: WI income tax question /withdrawal amount
« Reply #2 on: February 15, 2017, 03:34:28 PM »
^ thanks!