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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
Your taxable SS benefits are $1,459, if all of the IRA withdrawal is taxable, then your Adjusted Gross Income is $13,459. With a Standard Deduction of $13,850 your taxable income is $0. You do not owe any federal income taxes.
Edited answer for accuracy - You do not owe any federal income taxes.
And you would get a refund of any withholding taken out of SS or your IRA. Is that all your income?
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Raph
Community Manager
in Events
Raph
Community Manager
in Events
Raph
Community Manager
in Events
Raph
Community Manager
in Events
cbal324
Returning Member