I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

[macuser_22]

"If" you take money out of your IRA.  You are *REQUIRED* to take at least the RMD (Required Minimum Distribution) out of a Traditional IRA once you reach the age of 70 1/2.   If you have failed to do for the past 9 years, there can be a 50% penalty for a missed RMD unless you have a valid reason for missing it and the IRS grants a waiver but you still have to take all of the missed RMD's.

[RMD's do not apply to Roth IRA's]

[Hal_Al · Accepted solution]

You can withdraw some of your IRA and not be taxed. How much can you withdraw? It’s complicated. Assuming you’re single and have no dependents, you get a $11,950 deduction before tax is even calculated. Assuming you have no other income, other than social security (SS) and your IRA withdrawal; you may withdraw up to $11,950 from your IRA without tax.

But, as others have pointed out, you are REQUIRED to do minimum withdrawals starting at age 70-12.

Since $11,950 + 11,000 (half your SS) = less than $25,000; none of your SS will become taxable.

You can use this tool to try other scenarios: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1

[DoninGA]

You may have taxes owed based on the amount of the withdrawal and how much taxes are going to be withheld from the withdrawal.

Up to 85% of Social Security Retirement/Disability/Survivors benefits becomes taxable when all 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

[mpeter490]

is there an age where you must withdraw your entire IRA?

[VolvoGirl]

Well you had to start taking the RMD Required Minimum Distribution  when you turned 72.  Did you?  No age to finish taking the full amount out.  See  IRS 590B Distributions

https://www.irs.gov/pub/irs-pdf/p590b.pdf 

[fanfare]

@VolvoGirl 

That's age  70 1/2 for this person.

[Hal_Al]

Prior to 2019, the age for starting RMD (required minimum distribution) was 70-1/2.  Beginning 2019, it was 72.

Beginning in 2023, the age to start taking RMDs jumps from 72 to 73.  Beginning in 2033, it goes to  75.

[NCperson]

@mpeter490 to answer your question 'sarcastically', the tables go all the way up to age 116, so when you turn 116, yes, you must distribute the entire balance. 

there are complicated rules related to whomever inherits your IRA.  Broadly speaking, and assuming you are already required to take RMDs,  if anyone other than your spouse inherits the IRA upon your passing, they have 10 years to liquidate the IRA.   That is a broad comment with a number of 'ands ifs and buts'.