turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

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

cooperkqp
New Member

Will withdrawing from my Fidelity IRA count against my social security benefits in 2020

 
Connect with an expert
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.

2 Replies

Will withdrawing from my Fidelity IRA count against my social security benefits in 2020

IRA distributions has no effect on your SS benefits received however if your total taxable income in the return is high enough up to 85% of the SS benefits you do get can be taxable. 

 

TAX ON SOCIAL SECURITY

Up to 85% of your Social Security benefits can be taxable on your federal tax return.  There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits.  When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. 

 What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit is $16,920 —for 2018 it will be $17,040—for 2019 it will be $17,640)  After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare. 

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable

Will withdrawing from my Fidelity IRA count against my social security benefits in 2020

If you have a high income one year it can increase the Medicare premium 2 years from now.  My friend cashed in some savings bonds and 2 years later her Medicare deduction went up.

 

See how much the Medicare deduction is for 2018 & 2019 based on income.

https://www.medicare.gov/your-medicare-costs/part-b-costs

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies