Sure. Its simply income
If you are talking about state income taxes, Washington does not have a state income tax so there would be no state income tax on the retirement income for Washington residents. Generally, there would be Federal tax though.
Yes. As long as you are still living and have enough gross worldwide income you will be required to file income tax returns and pay any income taxes that may be due. Even some of retirement income could also be taxable income on your income tax return.
Deferred compensation income that is contributed to your retirement plan is subject to the social security and medicare taxes in the year that the amounts are contributed to your retirement plan. When you reach the retirement age and start receiving distributions from the retirement plan the taxable amount of the distributions will be added to all of your other gross income on your 1040 federal income tax return and be subject to the income tax at your marginal tax rates.
Distributions from your 401K after you reach your retirement age the taxable amount will be subject to federal income tax at your marginal tax rate and may be subject to some state income tax.
estate Social Security tax A+
If you are talking about state income taxes, Washington does not have a state income tax so there would be no state income tax on the retirement income for Washington residents. Generally, there would be Federal tax though.
Yes. As long as you are still living and have enough gross worldwide income you will be required to file income tax returns and pay any income taxes that may be due. Even some of retirement income could also be taxable income on your income tax return.
Deferred compensation income that is contributed to your retirement plan is subject to the social security and medicare taxes in the year that the amounts are contributed to your retirement plan. When you reach the retirement age and start receiving distributions from the retirement plan the taxable amount of the distributions will be added to all of your other gross income on your 1040 federal income tax return and be subject to the income tax at your marginal tax rates.
Distributions from your 401K after you reach your retirement age the taxable amount will be subject to federal income tax at your marginal tax rate and may be subject to some state income tax.
I'm not sure what you mean by the overseas thing, or if it makes a difference. Most all retirement savings in thr US are nly tax deferred anyway...you don'tay the tax on the money you save when you earn it, but you do pay it when you withdraw it at retirement.
An IRA is the primary tool used to enhance tax advantage and retirement income. IRA or Individual Retirement Account is a form of retirement plan for individuals.
The wealthy do pay income tax, and since the wealthy have more income, they must pay more money in income tax.
estate Social Security tax A+
Yes and it is very possible that some of the retirement income could be taxable income on your income tax return.
A 70-year-old individual may still be required to pay various taxes depending on their income, assets, and activities. They may have to pay income tax on any taxable income they earn, including retirement income, pensions, or rental income. Additionally, they may be subject to property tax if they own real estate, and they may have to pay sales tax on purchases they make. It is essential for older individuals to consult with a tax professional or contact their local tax authority for specific guidance.
Yes you do the taxable amount of the distribution will be added to all of your other taxable income on your 1040 income tax return and taxed at your marginal tax rate.
If you have no other income except normal Social Security benefits, you will not have to pay any income taxes. This is also to note that you are not receiving any other retirement income, interest income, etc.