U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 07-29-2016, 12:26 PM
 
10 posts, read 12,382 times
Reputation: 82

Advertisements

Attempting to determine taxes on retirement income I have not been able to answer some questions. Our retirement income will consist of US Army retirement pay, Social Security (my primary and wife's spousal benefit) and a modest (>200K) 401K.
  1. I am trying to determine what goes into determininig "Adjusted Gross Income" but don't find anything concrete. Is my Army retirement check considered "income"? Are 401K distributions considered "income"?
  2. When taxes are levied what kind of taxes? I know that Georgia will not tax the Social Security and the rest is going to be low enough to stay under state tax limits too but when the fed takes its piece is it only income tax or do they still take Fed MED/EE (Medicare) and Fed OSDI/EE (Social Security) even though you're paying for Medicare and receiving Social Security?
Thanks in advance.
Reply With Quote Quick reply to this message

 
Old 07-29-2016, 12:50 PM
 
6,307 posts, read 4,755,565 times
Reputation: 12919
Once you stop working, you will not have deductions for social security or medicare. Your military pension and 401K distributions are 100% taxable for Federal income taxes. There is a sliding scale for taxes on social security. Most individuals and couples are taxed on 85% of the annual amount. Everyone gets a 15% exemption.
Reply With Quote Quick reply to this message
 
Old 07-29-2016, 12:54 PM
 
6,544 posts, read 3,092,851 times
Reputation: 6031
https://www.irs.gov/uac/newsroom/soc...and-your-taxes

Have you looked at this link from irs.gov?

Your Army retirement and 401K distributions are taxable income at the federal level. Federal income tax only.....nothing else.
Reply With Quote Quick reply to this message
 
Old 07-29-2016, 02:22 PM
 
Location: OH>IL>CO>CT
5,238 posts, read 8,420,853 times
Reputation: 7191
Quote:
Originally Posted by oldSarge98 View Post
Attempting to determine taxes on retirement income I have not been able to answer some questions. Our retirement income will consist of US Army retirement pay, Social Security (my primary and wife's spousal benefit) and a modest (>200K) 401K.
  1. I am trying to determine what goes into determininig "Adjusted Gross Income" but don't find anything concrete. Is my Army retirement check considered "income"? Are 401K distributions considered "income"?
  2. When taxes are levied what kind of taxes? I know that Georgia will not tax the Social Security and the rest is going to be low enough to stay under state tax limits too but when the fed takes its piece is it only income tax or do they still take Fed MED/EE (Medicare) and Fed OSDI/EE (Social Security) even though you're paying for Medicare and receiving Social Security?
Thanks in advance.
1. Yes, and yes

2. Social Security and Medicare (FICA) payroll taxes are only applied to wages/salaries.

See more detail re your retiree questions at https://www.irs.gov/pub/irs-pdf/p4190.pdf
Reply With Quote Quick reply to this message
 
Old 07-30-2016, 03:15 AM
 
Location: R.I.
980 posts, read 607,475 times
Reputation: 4263
Quote:
Originally Posted by oldSarge98 View Post
Attempting to determine taxes on retirement income I have not been able to answer some questions. Our retirement income will consist of US Army retirement pay, Social Security (my primary and wife's spousal benefit) and a modest (>200K) 401K.
  1. I am trying to determine what goes into determininig "Adjusted Gross Income" but don't find anything concrete. Is my Army retirement check considered "income"? Are 401K distributions considered "income"?
  2. When taxes are levied what kind of taxes? I know that Georgia will not tax the Social Security and the rest is going to be low enough to stay under state tax limits too but when the fed takes its piece is it only income tax or do they still take Fed MED/EE (Medicare) and Fed OSDI/EE (Social Security) even though you're paying for Medicare and receiving Social Security?
Thanks in advance.
I found a pretty good retirement tax calculator at http://smartasset.com/retirement/retirement-taxes
that will give you an idea of what your Federal and State taxes will be in retirement.
Reply With Quote Quick reply to this message
 
Old 07-30-2016, 01:42 PM
 
4,490 posts, read 4,749,659 times
Reputation: 9962
Quote:
Originally Posted by Nightengale212 View Post
I found a pretty good retirement tax calculator at http://smartasset.com/retirement/retirement-taxes
that will give you an idea of what your Federal and State taxes will be in retirement.


Great calculator. Thanks!
Reply With Quote Quick reply to this message
 
Old 07-30-2016, 02:57 PM
 
Location: Central IL
15,253 posts, read 8,556,682 times
Reputation: 35693
Quote:
Originally Posted by Nightengale212 View Post
I found a pretty good retirement tax calculator at http://smartasset.com/retirement/retirement-taxes
that will give you an idea of what your Federal and State taxes will be in retirement.
Thanks - great website!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top