topic If I am married filing jointly and the only source of income for 2022 is $25,000 withdrawn from an IRA, will I owe taxes?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

If I am married filing jointly and the only source of income for 2022 is $25,000 withdrawn from an IRA, will I owe taxes?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 — Tue, 10 Mar 2026 07:27:26 GMT

what is the 2022 auto deduction for married filing jointly?

Re: If I am married filing jointly and the only source of income for 2022 is $25,000 withdrawn from an IRA, will I owe taxes?

DoninGA — Tue, 06 Dec 2022 16:24:10 GMT

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

Re: If I am married filing jointly and the only source of income for 2022 is $25,000 withdrawn from an IRA, will I owe taxes?

Critter-3 — Tue, 06 Dec 2022 17:15:32 GMT

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

Re: If I am married filing jointly and the only source of income for 2022 is $25,000 withdrawn from an IRA, will I owe taxes?

NCperson — Tue, 06 Dec 2022 18:02:06 GMT

@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.