Solved
WHAT IS TAXES ON $87,500, COMBINED INCOME AFTER RETIREMENT.
I am 66 years old. I will be making $875000 a year for my retirement, this includes my Social Security benefits. How much will be my overall IRS Federal Taxes?
I took a shot using 2020 software
1. Assuming you are Single.
2. $24,000 is SS
3) $63,500 is pensions/IRA/401k distributions (none are ROTH distributions nor have any after-tax contributions)
4) Std Deduction of $14,050 (will be slightly higher for 2021)
5) The extra cash charity income deduction of $300
6) Zero other income...meaning no Cap Gains and no interest or dividends of any kind.
Fed taxes would total right at ~$11,100
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