I am single, retired with no employment, I live on social security, and IRA distribution which I'll begin to take in 2019. I'll be age 70 at the end of 2018, age 71 at the end of 2019. I need to take a distribution in January of 2019 as i need the funds for my living expenses so I'm trying to figure out now what I can take out without having to pay taxes and/or file a return.
I seem to recall reading that these were two different things... there's an amount (i think it was $11,000 in IRA distribution) i can withdraw tax-free before i need to file a return. I thought there was a different, greater amount i can take out that requires a return, but will end with no tax liability. I'm looking for what these two limits are. Thank you.
