Dennis and Sharon, ages 67 and 65, respectively, are going to retire at the end of the
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Dennis and Sharon, ages 67 and 65, respectively, are going to retire at the end of the year. They will be collecting Social Security benefits (SSBs) of \($22,000\).
They feel they need more than \($22,000\) to live on and would like to withdraw money from Dennis’s 401(k). Their concern is the amount of tax they will have to pay on the distribution and the SSBs. Write a memo to Dennis and Sharon and a memo to their tax file explaining how much money they can withdraw from their 401(k) without their SSBs being subject to tax.
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Related Book For
Fundamentals Of Taxation For Individuals A Practical Approach 2024
ISBN: 9781119744191
1st Edition
Authors: Gregory A Carnes, Suzanne Youngberg
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