Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Sep 13, 2023 6:36:53 AM

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

My Turbo tax shows I owe no taxes?

0 2 1387
1 Best answer
Level 15
Sep 13, 2023 7:19:07 AM

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.

2 Replies
Level 15
Sep 13, 2023 7:19:07 AM

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.

Level 15
Sep 13, 2023 8:39:21 AM

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,