TimS5
Employee Tax Expert

Get your taxes done using TurboTax

The simple answer to your question is Yes, it will increase your taxable income.  You will receive a Form 1099-R, Distributions From Pensions, Annuities, Retirement . . . after the end of the year.  This form will include the amount that is distributed to you along with taxable amount of the distribution.  If you made any contributions that were taxed at the time the contribution was made, this form will indicate the amount that would then be tax free.  You will also want to consider how these distributions will affect your overall tax picture as when you combine all income, you maybe in a different tax bracket.  

 

You will also find additional information at:  https://ttlc.intuit.com/community/custom/page/page-id/LifeEventPage-ReceivingSocialSecurityRetiremen....   

For calculating the amount you should withhold on your distributions:  

W-4 Calculator | IRS Tax Withholding Calculator 2023-2024