My question is this.
If me and my spouse (1 child) stop working and decide to take out money from our 403b, how much is the most money can we take out and pay no tax besides the 10% early withdrawl fee.
Now I understand I should not do this. I am just running a hypothetical for other arguments sake.
I am thinking you can still write off the standard deduction (or possibly itemize for more) of 12600 and person exemptions of 12150, and in my case capital loss carry over of 3000.
So 12600+12150+3000 = 27750, does that mean if I took an early withdrawl of my 403b i would only owe the 10% penalty on that amount and not owe any other tax.
Again I am not planning on doing this, this is just worst case scenarios I paint for people when explaining how contributing to a 401k/403b does not lock up your money until retirement age. You can access and possible still pay less overall taxes even with the penalty.
I may have screwed up the logic here, so feel free to correct me.
Thanks in advance.
