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    nysports1's Avatar
    nysports1 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 15, 2014, 03:47 PM
    Social Security, and 401k.
    I turned 66 Nov, 30th 2013, I am still working, and make around $40,000 a year. If I collect SS {which would be around $1,400 a month}, how much tax would I have to pay, or should I hold off on collecting SS.

    I have $60,000 in a 401k account at work. Should I take any of it out or leave it?

    Kindest regards,
    Bob
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 15, 2014, 10:00 PM
    Bob,

    For the 401K, if you do NOT need it, do not take it. You WILL have to start taking it when you turn 70.5 years of age.

    About 85% of your SS income will be subject to tax, probably at a 15% tax rate.
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