My dad is older, on Social Security, not all that affluent (rich) and wants to know how much he can take out before the gov't reams him on taxes.
I know how the tax system works for me with the seperate tiers, etc. Does it work exactly the same, on the same scale, for him? Or does his Social Security come into play at all? Or would he operate on a different scale?
For reference, he wants to take out some money (and maybe split it half taken out this year, half next year) to buy a PT Cruiser - he loves these things and they're pretty freakin cheap.
Or maybe could it be a better idea for him to make payments? Assuming it's around $10k-ish, how do you guys think it would be best for him?
He might not be able to make payments though, I'm not sure how much my brother has screwed up his credit
.
I know how the tax system works for me with the seperate tiers, etc. Does it work exactly the same, on the same scale, for him? Or does his Social Security come into play at all? Or would he operate on a different scale?
For reference, he wants to take out some money (and maybe split it half taken out this year, half next year) to buy a PT Cruiser - he loves these things and they're pretty freakin cheap.
Or maybe could it be a better idea for him to make payments? Assuming it's around $10k-ish, how do you guys think it would be best for him?
He might not be able to make payments though, I'm not sure how much my brother has screwed up his credit
.
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