Question for the tax planning.
Assume Married Filing Jointly. Ignore state taxes for now.
2024 Tax Brackets - up to $23,200 is 0% tax bracket
Std Deduction is $29,200 in 2024
2024 Capital Gains Bracket - up to 89,250 is 0% tax bracket
If I take out $52,400 from my 401K, I should pay 0% taxes (0% tax bracket ceiling + Std Deduction)
If I sell my stocks and have cap gains of $89,250 I will also pay 0% taxes on that cap gains.
Does this mean I can withdraw $141,650 tax free or does the cap gains push me into a higher income bracket for regular wages?
Assume Married Filing Jointly. Ignore state taxes for now.
2024 Tax Brackets - up to $23,200 is 0% tax bracket
Std Deduction is $29,200 in 2024
2024 Capital Gains Bracket - up to 89,250 is 0% tax bracket
If I take out $52,400 from my 401K, I should pay 0% taxes (0% tax bracket ceiling + Std Deduction)
If I sell my stocks and have cap gains of $89,250 I will also pay 0% taxes on that cap gains.
Does this mean I can withdraw $141,650 tax free or does the cap gains push me into a higher income bracket for regular wages?
Statistics: Posted by CeeKay1729 — Fri Jan 26, 2024 8:11 pm — Replies 4 — Views 146