You'll need to sign in or create an account to connect with an expert.
There are no specific tax breaks available for not having income from work and only receiving a distribution from your IRA. The nature of your income is just different on your tax return.
When you enter your Form 1099-R that reports the distribution from your IRA, the information reported on that form and the answers to the follow-up questions will determine how much of the distribution will be taxable. Then, the taxable amount is treated like any other type of income with regard to calculating the income tax.
you don't get tax breaks.
you get tax penalties for cashing out your IRA before age 59 1/2.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
byag7119
Level 2
kjmcgraw0
New Member
eisenbeis
Returning Member
AZJAW
Level 2
jpapasta
New Member