turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Do I have to pay taxes on ira required minimum distributions even though my income is so low that it is not taxable I am 85 years old

My Turbo tax shows I owe no taxes?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
DoninGA
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Do I have to pay taxes on ira required minimum distributions even though my income is so low that it is not taxable I am 85 years old

If you are filing as Single and as stated you are age 85 then the Standard Deduction on the 2022 tax return for your filing status and age is $14,700.  If the taxable income you have reported on the tax return is less than your Standard Deduction then you will have no federal income taxes owed.

You do not need to file a tax return unless you had federal income taxes withheld from your income then you should file for a tax refund.

View solution in original post

2 Replies
DoninGA
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Do I have to pay taxes on ira required minimum distributions even though my income is so low that it is not taxable I am 85 years old

If you are filing as Single and as stated you are age 85 then the Standard Deduction on the 2022 tax return for your filing status and age is $14,700.  If the taxable income you have reported on the tax return is less than your Standard Deduction then you will have no federal income taxes owed.

You do not need to file a tax return unless you had federal income taxes withheld from your income then you should file for a tax refund.

Do I have to pay taxes on ira required minimum distributions even though my income is so low that it is not taxable I am 85 years old

it is possible that even though you have an RMD distribution there is no tax. 

 

An RMD is reported as 'taxable income", but that doesn't necessarily mean there is tax to be paid.  If your income is 'so low', then there is no tax to be paid.  

 

your age has nothing to do with it - it's all about your income, 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question