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Do I have to pay taxes on ira required minimum distributions even though my income is so low that it is not taxable I am 85 years old


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Do I have to pay taxes on ira required minimum distributions even though my income is so low that it is not taxable I am 85 years old
If you are filing as Single and as stated you are age 85 then the Standard Deduction on the 2022 tax return for your filing status and age is $14,700. If the taxable income you have reported on the tax return is less than your Standard Deduction then you will have no federal income taxes owed.
You do not need to file a tax return unless you had federal income taxes withheld from your income then you should file for a tax refund.
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Do I have to pay taxes on ira required minimum distributions even though my income is so low that it is not taxable I am 85 years old
If you are filing as Single and as stated you are age 85 then the Standard Deduction on the 2022 tax return for your filing status and age is $14,700. If the taxable income you have reported on the tax return is less than your Standard Deduction then you will have no federal income taxes owed.
You do not need to file a tax return unless you had federal income taxes withheld from your income then you should file for a tax refund.
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Do I have to pay taxes on ira required minimum distributions even though my income is so low that it is not taxable I am 85 years old
it is possible that even though you have an RMD distribution there is no tax.
An RMD is reported as 'taxable income", but that doesn't necessarily mean there is tax to be paid. If your income is 'so low', then there is no tax to be paid.
your age has nothing to do with it - it's all about your income,
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