AnnetteB6
Employee Tax Expert

Retirement tax questions

There are no specific tax breaks available for not having income from work and only receiving a distribution from your IRA.  The nature of your income is just different on your tax return. 

 

When you enter your Form 1099-R that reports the distribution from your IRA, the information reported on that form and the answers to the follow-up questions will determine how much of the distribution will be taxable.  Then, the taxable amount is treated like any other type of income with regard to calculating the income tax.  

 

 

@monassar

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