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How Much Will I Pay in Taxes in Retirement? Complete Guide to Retirement Taxes

James Conole, CFP® 245 views

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Are you forced to start making IRA withdrawals at some point?
Comment from : @dwdwone

This is a fantastic walkthrough Very well done
Comment from : @eddybee5039

That last tax was crazy The more I study taxes, the crazier it seems to get
Comment from : @TheMule1

We need simplified taxes Would be great to get rid of the IRS also Maybe go to the FAT
Comment from : @thesilentgeneration

If you live only on Social Security and your total income does not meet the threshold, you pay no taxes Thankfully I fall in that category So, once the standard deductible is applied and your income is calculated you may owe no taxes if you fall below the threshold As I recall it was $25,000 the last time in 2023 I fell at $23,000 and according to Turbo Tax I owed no tax
Comment from : @thesilentgeneration

I'm retiring abroad Cheaper and better healthcare
Comment from : @timlinator

As someone who’s retired, taxes have been a real eye-opener for me I didn’t realize that Social Security benefits could be taxed if your income crosses certain thresholds It’s like a hidden surprise no one talks about
Comment from : @Robby767

Super helpful video Thank you for walking through the fundamentals
Comment from : @jaspersanfellipo7184

If you want to lower your taxes in retirement, vote Trump 2024!
Comment from : @rholmst

thanks for making the video; been watching your videos; nicely presented; informative; your audio and background gave good vibe for me to follow; especially not a lot of hand movements to distract me (unlike other channels, their hands were moving wildly as they talk)
Comment from : @oceanwaves3139

Try to download only for them to try and sell you a service
Comment from : @xxxx8393

This was a lame video Not impressed
Comment from : @chrissug

But you haven’t even gotten to the deductions she’s got like $14,000 worth of automatic deductions being single
Comment from : @colleenconger5265

wow, i have interviewed 4 cfp's and you have explained things and informed me of things none of them do, none of them even talk about taxes, tell us to get a tax advisoryour goodim really interested in going thru your company
Comment from : @munozconnie

Thank you very much for such informative session and very clear presentation
Comment from : @revathynair4650

Social security at age 69? Is the tax paid based on gross OR adjusted gross? I have 5mos of fed income, retired and taking soc sec filing single no other dependents
Comment from : @fl4us824

its obvious we NEED a simpler tax system! Esp when you retire and expected to live off that till you dieridiculous
Comment from : @amungus76

Actually, at 1:20, if you are earning more than $200K (single or $250K married filing jointly) it's no longer 145, it goes up to 235 for income over those thresholds This was added in 2013 as part of ObamaCare
Comment from : @PNWeBike

Consult your tax CPA to discuss your particulars about taxes you'll pay or not pay
Comment from : @tommywatterson5276

Are monthly condo dues eligible for deduction of rental property income (as an expense)? Thank youI so appreciate all of your educational videos
Comment from : @superlamb6395

To simplify - if you saved money and were responsible, you will pay a lot more than those who didn't save a penny You mentioned IRMAA but don't forget that ACA is a large "tax" based on your income
Comment from : @eddieloujones2673

Because localities continually raise property taxes, you'll never know Taxes are one of the many reasons I'm retiring overseas
Comment from : @jdtravels5140

Your awesomebrJamesbrThank you
Comment from : @LoveKills70

So basically, when you retire, its BOHICA
Comment from : @I-Dont-Know-Nothin

Great information in this video
Comment from : @alexadams1627

Super sharp with your explanations here I have many years before I retire but understanding how it will work in the future, will better set me up for investment strategies today
Comment from : @degencryptivities

You don't have to pay ANYTHING in taxes because TAXABLE YEARS ENDED AUGUST 16 1954 passed into LAW as the IRC of 1954 by the 83rd Congress AS LAW and published AS Volume 68A in the United States Statutes at Largeas LAW Any Subtitle F compliant enforcement provisions took effect on the day AFTER the date of ENACTMENT which was August 17 1954 but on that day there was NO TAX TO ENFORCE because the tax died/expired the day before which was August 16 1954 Look at the law at 26 CFR 10-1 paragraph (d) clearly says TAXABLE YEARS began December 31 1954 and ended August 16 1954 There has NOT BEEN AN ENFORCEABLE LEGAL INCOME TAX in this country for 70 YEARS!!!!!
Comment from : @dennishipsley8703

Thank-you James, for the 2024 Important Numbers chart So much more organized than the scribbles in my notebook!😊
Comment from : @tlogan5950

Thanks James
Comment from : @vjohnso2004

I think you touched on this briefly in one of your videos, but what would be very helpful would be how to determine, when withdrawing from taxable nonretirement accounts, how much of the withdrawal would be reported income (would show up on your federal tax return) In other words, how to determine the gains, as only the gains would be taxable and therefore would be reported income This is not so much for determining income tax on the gains but rather for health insurance purposes This can get very complicated, so I think you could probably make a whole video about it FYI, the two brokerages I use wouldn't help with this and referred me to a CPA, however, the CPA I talked to (just one so far) didn't seem to have the knowledge to be able to help with this either
Comment from : @austenbaier8400

Employees pay 124 SS taxes… employers don’t pay…
Comment from : @rumbrell54

In our state any thing that is 1099-R is also exempt from state income tax
Comment from : @July41776

Can you contribute to a ROTH IRA if you are not working?
Comment from : @StupidPeasant

Thank you James for valuable information As always I really like your channel Thank you
Comment from : @LamNguyen-qb4ic

Pa does not tax pensions, age does not matter
Comment from : @wmp3346

Thank u
Comment from : @shenabui8367

Thank you so much for the pdf Very helpful!
Comment from : @maryamato5101

This guy is so good I understood more in 20m than 20y of working
Comment from : @fr9714

Can u open a roth ira if you are not working?
Comment from : @frankkeel8410

I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needsto pay taxes
Comment from : @graywilliams_77

My wife & I are 77 & both retired from jobs with modest pensions! However, since getting Soc Security, plus brhaving to take RMD's from our 401k & 403b's at age 70 1/2, we are now in as high a tax bracket as we were, whilebrworking! The problem: (1) Soc Security is taxed up to 85 (2) RMD's are taxed on (TOP) of total income, instead ofbrbeing taxed at a fixed percentage, as dividends are currently done! Retirees shouldn't have to pay more in old age!
Comment from : @rongendron8705

wowit kinda blows that if you are financially responsible and hold a mutual fund for over the year threshold but the moves the fund manager makes for that fund to perform at peak generates a STCG tax that is rolled over to you as the fund holderdoesnt seem fair
Comment from : @omniscient7333

Incredibly high yield video Thank you for this and the spreadsheet!
Comment from : @buckwildz

James - Clear, concise information Just subscribed, keep up the great work, please!
Comment from : @craigferriter9737

Very good very knowledgeablethanks
Comment from : @earlwilliams5473

😊 lookin good😊
Comment from : @RB-hl3ux

"Only the little people pay taxes" ---Leona Helmsley
Comment from : @puravida5683

I don’t see the sheet
Comment from : @paulinethomas-griffin5909

James, thank you for your informative videosI appreciate your clear and concise delivery Question, in the calculator link you provided, is the calculator lifetime access when signing up for your learning academy?
Comment from : @JMBJLB48

What about NYS as far as a pension goes Do they tax a pension?
Comment from : @suespony

4:53 It's probably worth illustrating that the standard deduction may further effectively reduce your effective tax rate In this admittedly simplistic example of only 10,000 in social security income, the entirety of your $8500 taxable income would be covered by the standard deduction and you'd end up owing no federal income tax on it I only nitpick here because some people undoubtedly forget that when they hear they're in a 10, 22, or whatever tax bracket and think they're paying that in taxes when in reality their effective tax rate is lower - and for people at or below median incomes, often much lower since the standard deduction covers a greater portion of their income and even for those who make a fair amount more, the rest is still taxes progressively I know that's hard to illustrate but when people skip over it when explaining tax rates, it contributes to people thinking they're being taxed more than they really are
Comment from : @think_ffs3934

Thanks a lot , James
Comment from : @olgitad4693

Not a bad video, but by trying to be complete you end up putting too much info into one video brAnd I hate tax summary sheets that show the tax brackets before showing the standard deductions: those are brackets and rates for TAXABLE INCOME, not INCOME
Comment from : @shawnbrennan7526

Thanks James Great overview on tax rates/types and potential impacts to investment portfolio
Comment from : @williamfrench3796

Thank you James! My first year of dealing with all this after retirement I have a tax professional I trust but it is important for me to have a basic understanding You do a wonderful job of supporting your clients
Comment from : @LCarter-o3h

Social security is paid thru taxes, but taxed again when we receive it? Thieves!
Comment from : @mrdomino1881

Thank you James for the great summary! Similar to IRMAA, other taxes not normally seen as taxes, are loss or repayment of ACA subsidies, as well as the phase out of credits based on reportable income thresholds Also worth mentioning that the 20 rate on LTCGs does not really exist, as it always comes with the additional 38 of NIIT, so it’s really already 238 after your income reaches the threshold for the 20 LTCG bracket
Comment from : @J-2024-v8i

14:20 missing “PodCast here” link
Comment from : @BiggMo

Rental property income is amazing!!!
Comment from : @Coast_to_Coast

Don't give this guy your email address there's no need for him to require an email address you can just get pdf link It's just a sales pitch Just watch the video and do a screenshot when you see the info you need
Comment from : @roamingtincanvan4260

James- can you please do a deep dive on the “Rule of 55”? Don’t think many folks are aware of this option Thank you!
Comment from : @johnny_7717

I’ve used TurboTax every year for the past 12 years, from my highest earning years now 5 years into retirement It has been the best way for me to get smart about all aspects of the tax codes as they apply to me
Comment from : @stevennevins6643

Estimating taxes is what may be the final factor in determining whether I retire at 63 or 65 I have a good handle on all the other numbers
Comment from : @ItsEverythingElse

If you file your taxes using an income tax software package, you can run the following tax returns: Working, Retired MFJ, and Retired Single (ie, Widow) This helps with planning including staying in the desired tax bracket and avoiding IRMAA charges to Medicare
Comment from : @williamrogers1219

James, it is not clear how to download your “extras”, like the chart of 2024 important numbers Do I need to subscribe to a pay service to gain access to them?
Comment from : @dougjackson7390

All excellent info but there are 3 places in the video that you said you’re including a link to another video and there was no link pop up
Comment from : @EMPTYKProductions

Hey James thank you so much for the video This helps explain the details in addition with cheatsheet
Comment from : @theOGwarrior

Excellent
Comment from : @darlythomas3295

Great information Taxes can be more complicated in retirement depending on sources of income and earnings I have been subject to quarterly tax payments based on prior year which has been a pain I heard that if you pay your estimated taxes from an IRA, you can avoid quarterly taxes until the end of the year and just pay once directly from IRA but that your estimated payment needs to be equal or more than the amount owed Any thoughts on this approach?
Comment from : @rick_vv7754

The fact that you can do a 20 minute video and barely cover the type of taxes (and not even all of those) is ample illustration of the ridiculous complexity of our tax system
Comment from : @Sylvan_dB

Like your program on how much taxes you pay on Social Security and retirement plans altogether well done sir well done I’m not 1,000,003 in there, so yeah millionaire programs I don’t watch them because it’s of no interest to me Yeah I will never have $1 million in my wallet but right like your program for this one this is really well done Thank you keep up the good work God bless and protect long live the republic
Comment from : @douglaswhite9777

Thanks for explaining all the taxable and non-taxable sources James, great job as usual! The only source I was unsure about was why certain Dividends are also classified as Ordinary Dividends even though I held my funds for many years Your explanation has cleared it up for me, thanks again!
Comment from : @TheLeadfootgirl

Another GREAT video! Very comprehensive Thanks James!
Comment from : @terryadams1830

🤘
Comment from : @70qq

Another great video! Thank you!
Comment from : @mattchang4694

Great video Notice all the times you say I made a video here and pointing at the screen Yes there is nothing there 😊 at least not on my tv
Comment from : @henry155

Thank you for all the great information Please could you make a video about how to pay taxes on sale of a rental property? Thank you 🙏
Comment from : @julhe8743

IRMAA GERD taxes!!
Comment from : @samnyc2

Your videos are very valuable thank you for your information brBe careful with long term and qualified dividends The tax rate depends on IRS ordering rules which will compress this income tax bracket because it is calculated or added on top of ordinary income
Comment from : @wrb5813

Thanks James for another great, informative video! brbrI came across your channel and subscribed about 6 months ago while I was researching my early retiremnt and determining my plan Of course I watched a lot of channels but really liked the way you don't do "cookie cutter" plans After listening to a few of your video's I realized how much more planning I needed to do Now after listening to your channel about 6 months, I feel a much more comfortable with how my plan is coming along Recently, I found Ari's channel and find his information very valuable too So I want to thank you and Ari for all the knowledge you have given to me about retirement planning
Comment from : @markb8515

You got my attention! Thanks for explaining the various tax implications I look forward to your next session!
Comment from : @Janae-sm8he

James, Is money received from owner financed sale of a business considered earned income or passive income?
Comment from : @wk8082

I’ve turned over my nest-egg to an investment firm I am pleased with the over all performance However now most of taxable comes from capital gains
Comment from : @goneretired7030