Family income is only SSI. We have IRA account ($...
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New Member

Family income is only SSI. We have IRA account ($25,900) that we would like to close. will we be taxed on this money? We are both over 70 years of age. Thank you

 
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Level 15

Family income is only SSI. We have IRA account ($25,900) that we would like to close. will we be taxed on this money? We are both over 70 years of age. Thank you

Social Security benefits become taxable if your other income plus 1/2 your social security reaches: 

Married Filing Jointly - $32,000
Single or Head of Household - $25,000
Married Filing Separately - 0

 

 

 

 

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Level 15

Family income is only SSI. We have IRA account ($25,900) that we would like to close. will we be taxed on this money? We are both over 70 years of age. Thank you

if your income will be high enough in 2019 to be taxed if you take out the full IRA, what you could do is only withdraw enough from the IRA in 2019 so that 1/2 social security + IRA withdrawal  + any other income doesn't exceed $32,000.  then early in 2020 you could draw out the rest.   

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Level 15

Family income is only SSI. We have IRA account ($25,900) that we would like to close. will we be taxed on this money? We are both over 70 years of age. Thank you

If however, by SSI you mean Supplemental Security Income, that is not taxable.

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New Member

Family income is only SSI. We have IRA account ($25,900) that we would like to close. will we be taxed on this money? We are both over 70 years of age. Thank you

 

 

 

 

 

 

 

 

Thank you. Exactly the information I was looking for

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