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4) Do about to retire? Any amounts withdrawn from a retirement plan before your 59 1/2 are susceptible to early withdrawal penalties plus it'll be treated as regular taxable income. No early withdrawals!

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Other program outlays have decreased from 64.5 billion in 2001 to 7.3 billion in 2010. Obviously, this outlay provides no opportunity for saving from a budget.

This offers us a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us an overall total taxable income of $76,952.

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