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Retirement tax questions
You can withdraw some of your IRA and not be taxed. How much can you withdraw? It’s complicated. Assuming you’re single and have no dependents, you get a $11,950 deduction before tax is even calculated. Assuming you have no other income, other than social security (SS) and your IRA withdrawal; you may withdraw up to $11,950 from your IRA without tax.
But, as others have pointed out, you are REQUIRED to do minimum withdrawals starting at age 70-12.
Since $11,950 + 11,000 (half your SS) = less than $25,000; none of your SS will become taxable.
You can use this tool to try other scenarios: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1
June 3, 2019
1:18 PM