Abstract
I need to retire from retirement.
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- 1.
California also charges a 2.5% penalty tax on proscribed withdrawals.
- 2.
MAGI is your adjusted gross income (AGI) with any deductions for the foreign earned income exclusion, student loan deductions, IRA (and SEP IRA) contributions, and deductions for higher education costs added back.
- 3.
These income limits are also based on your MAGI.
- 4.
Your net self-employment income is your business income minus the deduction for 50% of the self-employment tax.
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© 2013 Russell Fox
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Fox, R. (2013). Retirement Plans. In: Tax Strategies for the Small Business Owner. Apress, Berkeley, CA. https://doi.org/10.1007/978-1-4302-4843-9_15
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DOI: https://doi.org/10.1007/978-1-4302-4843-9_15
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Publisher Name: Apress, Berkeley, CA
Print ISBN: 978-1-4302-4842-2
Online ISBN: 978-1-4302-4843-9
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