I (60year) withdraw money for IRA of $20,000 and other income $4500 and filling married jointly. Do I need to pay tax on $24500 which is less than standard deduction?

kannankt · ‎April 18, 2023

MayaD · ‎April 18, 2023

If your other income is self employment income, you have to pay self employment income. If your self-employment income is $400 or more (after deducting expenses), you'll have to pay self-employment tax.

Self-employment tax and income tax are two separate taxes. You can owe self-employment tax even if you don't need to pay income tax.

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SteamTrain · ‎April 18, 2023

And for MFJ, it depends on both of your incomes totaled together...

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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I (60year) withdraw money for IRA of $20,000 and other income $4500 and filling married jointly. Do I need to pay tax on $24500 which is less than standard deduction?