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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.
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‎June 22, 2020
7:44 PM