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Taxes / Re: Withdrawal plan for IRA to reduce impact upon death of spouse
« on: February 03, 2023, 12:07:48 PM »
Market moves one way or the other does not affect or interest
us in any way as we have just Cash accounts with brokerage
and the $2,500 is just simple interest (no bonds, no stocks)
Should interest rates goback down to zero, no issues with that.
For 2023 (to be filed in 2024), the 12% top is $89,450
Taxed as $2,200 plus 12% of the amount over $22,000
89,450-22,000 = 67,450 * 0.12 = $10,294 tax owed
Ok to make one IRS 1040ES payment 12/2023 via EFTPS
or should it be made in quarterly payments or even early 2024?
In case it matters, have not made any IRS tax payments for
over a decade due to too small of income and kept it
that way deliberately to get maximum ACA subsidy before
moving over to Medicare.
us in any way as we have just Cash accounts with brokerage
and the $2,500 is just simple interest (no bonds, no stocks)
Should interest rates goback down to zero, no issues with that.
For 2023 (to be filed in 2024), the 12% top is $89,450
Taxed as $2,200 plus 12% of the amount over $22,000
89,450-22,000 = 67,450 * 0.12 = $10,294 tax owed
Ok to make one IRS 1040ES payment 12/2023 via EFTPS
or should it be made in quarterly payments or even early 2024?
In case it matters, have not made any IRS tax payments for
over a decade due to too small of income and kept it
that way deliberately to get maximum ACA subsidy before
moving over to Medicare.