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If I am married filing jointly and the only source of income for 2022 is $25,000 withdrawn from an IRA, will I owe taxes?

what is the 2022 auto deduction for married filing jointly?
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3 Replies

If I am married filing jointly and the only source of income for 2022 is $25,000 withdrawn from an IRA, will I owe taxes?

Standard deductions for 2022

  • Single - $12,950 add $1,750 if age 65 or older
  • Married Filing Separately - $12,950 add $1,400 if age 65 or older
  • Married Filing Jointly - $25,900 add $1,400 for each spouse age 65 or older
  • Head of Household - $19,400 add $1,750 if age 65 or older

If I am married filing jointly and the only source of income for 2022 is $25,000 withdrawn from an IRA, will I owe taxes?

If you had no SS benefits   AND   you are over the age of 59.5  then the above answer is correct.  

If I am married filing jointly and the only source of income for 2022 is $25,000 withdrawn from an IRA, will I owe taxes?

@helptax33-low - if you and your spouse's only form of income is the IRA withdrawal, there would be no tax; HOWEVER, if YOU are under 59.5 years old, there would be a 10% or $2500 tax penalty for early withdrawal.

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