How to Avoid Taxes Legally in The US Do This Now

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How much tax do you pay to get money out of a 401(k) or pre-tax retirement account? It depends on several factors. Most importantly, you want to be aware of: • ✔️ Income taxes • ✔️ Penalty taxes for early withdrawals • ✔️ Tax withholding • 🌞 Subscribe to this channel (it's free): / @justinonretirement • The amount of income tax you pay on 401(k) withdrawals depends on everything happening on your return. For example, income from work, investments, Social Security, and other sources can raise your income level. That might put you into a relatively high bracket. • Get free retirement planning resources: https://approachfp.com/2-downloads/ • 🔑 9 Keys to Retirement Planning • 🐢 6 Safest Investments • At the same time, any deductions, including the standard deduction, can reduce the taxes. You might even be able to get retirement money without paying taxes in some cases. • Of course, your age is important, as penalty taxes can increase the tax bite. That’s usually only when you’re under the age of 59 ½, but there are exceptions and wrinkles to be aware of—they might help you avoid paying that tax. • More Resources: • Calculator to estimate taxes due: https://www.aarp.org/money/taxes/1040... • Penalty tax exceptions: https://www.irs.gov/retirement-plans/... • Learn about working with me at https://approachfp.com/ • ✔️ Flat-fee and hourly advice options • ✔️ One-time projects available • ✔️ Investment advice (optional) • CHAPTERS: • 00:00 How Much Tax Do You Pay? • 00:30 Pre-Tax Withdrawals Are Ordinary Income • 01:02 Income Tax • 01:27 Penalty Taxes • 01:48 Tax Withholding • 02:29 Examples on Tax Return • 05:22 Social Security Taxation • 06:25 Is it a Taxable Withdrawal? • 07:12 More on Taxable Income • 09:00 Tax Brackets and Rates • 11:35 Why Income Matters • 12:08 Withholding and Penalties • 15:07 Exceptions to 10% Penalty • We’ll walk through the key points and a few examples in this video. But it’s critical to review your situation with a tax expert before making any decisions, taking withdrawals, or filing a return. Your reality might be significantly different from what this video describes, so you need to triple-check everything. • Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states. • IMPORTANT: • Retirement account withdrawals can complicate income taxes (both federal and state), tax penalties, underpayment penalties, and more. It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. “Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.

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