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personal mail box options
getting ready to retire in 4-5 mos and playing with the idea of using a pmb to avoid income taxes on withdrawal of 401k monies.
anybody deal with this or have any experience? rip off? too much hassle? looking at south dakota specifically right now. does ups do this now? searching looked like they might be. |
Is it State or Federal Income Taxes you are trying not to pay ?
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state, feds don't tax my annuity or social security. i just found out today though that the annuity and social security are not considered income so they are not taxed at the state level either, just what is considered income or withdrawals from 401k's.
surprised with all the elderly people on this board more are not familiar with it.:D |
I would be asking a lot more questions on this.You could be in for some bad surprises.
For example...The answer about SS Benefits not being taxed by the IRS is at best incomplete. Hiding income to avoid taxes is a crime the last I heard. |
The interest earned on the annuity is taxable when it is withdrawn. I don't care what you've been told.
You need to do ALOT more research on this or you might just find yourself in very big trouble in your retirement years. You need a tax advisor BEFORE you do anything. _______________ Ferrari Killer Steve Must Sell Right Now . |
Comment removed.
You need to visit with your tax advisor. :) _______________ Ferrari Killer Steve Must Sell Right Now . |
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