Hello,
I'll be 63 this December. I've been unemployed since August 2020 but I consider myself still eligible for work. Since I am ineligible for unemployment insurance compensation, I withdrew funds from a precious metals IRA on which to live in 2021. I withheld 20% to cover Federal taxes, but the IRA custodian would not withhold State taxes (I live in Michigan).
My three questions:
1) If I do not get a job in 2021, will I still need to file an income tax return?
2) If yes to the above, is 20% sufficient to cover Federal withholding?
3) Instead of looking for work which has not been successful to date, should I just retire?
Thank you!
