topic Re: IRA in Retirement tax questions

IRA

Ourbaby2013 — Wed, 17 Mar 2021 19:50:51 GMT

I am 71 years old. Last year at age 70, I withdrew $3700.00 from an IRA.(This was before I received a letter regarding distributions at age 72) . I haven't filed income tax for 7 years because the only income I have is social security. My yearly income last year from social security was $8784.00. Do I need to file a tax return because of this withdrawal?

Re: IRA

MinhT1 — Wed, 17 Mar 2021 20:09:44 GMT

No.

You are not required to file a tax return.

As one-half of your SS income plus your retirement income is less than $25,000, your SS income is not taxable. And as your retirement income is less than your standard deduction of $14,050, you are not required to file a tax return.

Re: IRA

ThomasM125 — Wed, 17 Mar 2021 20:52:07 GMT

Here is a worksheet the IRS provides to determine if you need to file a tax return, you can use it just to verify that you are not required to file. Also, if you did not receive all of your stimulus checks, you can file a tax return to get those payments,

https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return