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If I am a 100% disabled veteran can I take my full amount out of my IRA without paying tax?

 
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If I am a 100% disabled veteran can I take my full amount out of my IRA without paying tax?

Sorry, no.  A withdrawal from a tax deferred retirement account such as an IRA is a taxable event.  The taxable amount of the withdrawal would be entered on your tax return as ordinary income and taxed at your current tax rate.

 

If the taxable amount of the withdrawal is less than the Standard Deduction for your filing status you would not have any taxes owed.

 

Standard deductions for 2021

Single - $12,550 add $1,700 if age 65 or older
Married Filing Separately - $12,550 add $1,350 if age 65 or older
Married Filing Jointly - $25,100 add $1,350 for each spouse age 65 or older
Head of Household - $18,800 add $1,700 if age 65 or older

If I am a 100% disabled veteran can I take my full amount out of my IRA without paying tax?

State taxes may be different.

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