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USPS Pension, TSP & Social Security? How To Calculate Your Tax


Had a question from a subscriber about the taxes he'll owe on his three sources of retirement income: TSP distributions, Social Security and his USPS pension. So, I figured it'd be fun to go over this step by step. Weird, no? Before we get started though Let me ask you my friends, if you are in a 22% tax bracket what would your tax be on a $20,400 TSP Distribution? Did you take your trusty calculator and times $20,400 by .08 as most people do to get $4488? Guess what, that'd be WRONG!!!! That TSP distribution will actually cause you to pay 30% in income taxes, JUST TO THE FEDS and yet you're still knee deep in the 22% tax bracket. HOW CAN THIS BE???? Watch the video and I show you the ugliness that is the US Tax Code. ?...(read more)


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