Reply to Taking social security at 62?

Forum Index » Money and Finances

Reply to "Taking social security at 62? "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]In Maryland I will throw it out SS is fully taxable if under 65 at state level. 65 and older first 40K exempt from taxes. In Virginia and DC SS is not taxable

So in Maryland at least taking SS early has an added penalty of state taxes[/quote]

Oh I did not know that about MD. Can you provide a link please? [/quote]

Made a mistake SS is not taxable. But 401k withdrawls starting at 65 of 40K or less not taxable within certain income limites   [/quote]

Yes, 401k withdrawals are taxed. They were deposited pre-tax originally. [/quote]
In MD, $40K of the 401k is not taxable if you are over 65.

https://services.marylandcomptroller.gov/taxes/en/maryland-pension-exclusion?id=kb_article_view&sysparm_article=KB0010012[/quote]

This is so frustrating. I’ve rolled over older 401ks into IRAs and those taxable. What is the logic there?[/quote]
PP here. I did the same, and now I''m kicking myself.  My Financial Advisor didn't mention any of this when I mentioned rolling over an old  401k.

As they say, you have to do your own due diligence, or get a CPA, and even then...[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics