We finished up our 2020 taxes this month. Our tax man had automatically filed for an extension.
While reviewing the papers today I learned that our income tax bracket was 0% for the first time. Social Security is our main income stream and it's not taxable unless you have other income. Then the gov adds a $27,500 standard deduction for married seniors. That let us withdraw as needed from a 401K/IRA.
I mention it since it's the most exciting thing that happened this month. Along with that is the realization that I don't have to worry about paying more taxes if I want to use some 401K money for a new mill. There's the machining content.
Dan
While reviewing the papers today I learned that our income tax bracket was 0% for the first time. Social Security is our main income stream and it's not taxable unless you have other income. Then the gov adds a $27,500 standard deduction for married seniors. That let us withdraw as needed from a 401K/IRA.
I mention it since it's the most exciting thing that happened this month. Along with that is the realization that I don't have to worry about paying more taxes if I want to use some 401K money for a new mill. There's the machining content.

Dan
Comment