Unless you have capital gains to offset the $4500 capital loss, then you will only be allowed to deduct up to $3000 of that loss. Then that $3000 would offset any taxable distribution from your IRA.
You would still be eligible to take the standard deduction as part of your return, based on your filing status.
Assuming that you are using the Single filing status and basing the calculation on the 2022 standard deduction amount of $12,950, you could take an IRA distribution of $15,950 without having any taxable income reported on your return.
However, if half of your Social Security income plus the $15,950 exceeds $25,000 (for Single filing status), then at least a portion of your Social Security becomes taxable and changes the situation. In other words, if your Social Security benefits are more than $18,100, then a portion of the Social Security becomes taxable.
Here is a link to the Social Security Administration website that will give you some good information about what amount of your Social Security benefits may be taxable: Benefits Planner - Income Taxes and your Social Security Benefit
@mdmurphy
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