Hi All,
I will be 72 in 2024 and have been living off my SSI and savings since I was 65. For 2023, I only received about 1200 per month for SSI before Medicare and my son will start to claim $5000 DCA under my name for 2023. Considering all these, can I withdraw 7000 from my 401k and offset the income tax from 401k to my standard deduction and net to zero taxes? When I put the 5000 on my tax, should it be under self-employed or other income?
Thank you.
