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Level 1

Do I need to pay social security tax on a IRA disbursement? I am 66 years old.

I want to take money out of my IRA account but I don't know if I need to pay Social security taxes on the amount I acquire from my IRA.

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Level 1

Do I need to pay social security tax on a IRA disbursement? I am 66 years old.

You will not pay social security tax on an IRA distributions.

However, if your IRA distribution bumps your total income up enough, the IRA distribution may cause you to owe income taxes on your social security income.  

Take a look at this article.  

https://ttlc.intuit.com/replies/3299920

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6 Replies
Level 20

Do I need to pay social security tax on a IRA disbursement? I am 66 years old.

No you will not pay SS tax on your IRA distribution.  You will pay ordinary income tax.
Level 20

Do I need to pay social security tax on a IRA disbursement? I am 66 years old.

If you are also collecting Social Security, though, you may owe taxes on those benefits.
Level 1

Do I need to pay social security tax on a IRA disbursement? I am 66 years old.

Thank you very much.  I don't make enough to pay tax on Social Security benefits.  Thank you so much for your response.
Level 1

Do I need to pay social security tax on a IRA disbursement? I am 66 years old.

Wow.  That's great, so now I understand the reason for having IRA's.  It didn't make sense to me before.  Thanks a lot for your response.  
Level 19

Do I need to pay social security tax on a IRA disbursement? I am 66 years old.

the reason you need IRAs and 401ks is that corporate america has terminated the idea of a pension for workers.
Level 1

Do I need to pay social security tax on a IRA disbursement? I am 66 years old.

You will not pay social security tax on an IRA distributions.

However, if your IRA distribution bumps your total income up enough, the IRA distribution may cause you to owe income taxes on your social security income.  

Take a look at this article.  

https://ttlc.intuit.com/replies/3299920

View solution in original post