topic I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes? in Retirement tax questions

I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

mhh722 — Mon, 03 Jun 2019 20:18:43 GMT

"If" you take money out of your IRA. You are REQUIRED...

macuser_22 — Mon, 03 Jun 2019 20:18:44 GMT

"If" you take money out of your IRA. You are *REQUIRED* to take at least the RMD (Required Minimum Distribution) out of a Traditional IRA once you reach the age of 70 1/2. If you have failed to do for the past 9 years, there can be a 50% penalty for a missed RMD unless you have a valid reason for missing it and the IRS grants a waiver but you still have to take all of the missed RMD's.

[RMD's do not apply to Roth IRA's]

You can withdraw some of your IRA and not be taxed. How m...

Hal_Al — Mon, 03 Jun 2019 20:18:45 GMT

You can withdraw some of your IRA and not be taxed. How much can you withdraw? It’s complicated. Assuming you’re single and have no dependents, you get a $11,950 deduction before tax is even calculated. Assuming you have no other income, other than social security (SS) and your IRA withdrawal; you may withdraw up to $11,950 from your IRA without tax.

But, as others have pointed out, you are REQUIRED to do minimum withdrawals starting at age 70-12.

Since $11,950 + 11,000 (half your SS) = less than $25,000; none of your SS will become taxable.

You can use this tool to try other scenarios: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1

You may have taxes owed based on the amount of the withdr...

DoninGA — Mon, 03 Jun 2019 20:18:47 GMT

You may have taxes owed based on the amount of the withdrawal and how much taxes are going to be withheld from the withdrawal.

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

Re: I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

mpeter490 — Sat, 10 Jun 2023 21:53:55 GMT

is there an age where you must withdraw your entire IRA?

Re: I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

VolvoGirl — Sat, 10 Jun 2023 22:12:35 GMT

Well you had to start taking the RMD Required Minimum Distribution when you turned 72. Did you? No age to finish taking the full amount out. See IRS 590B Distributions

https://www.irs.gov/pub/irs-pdf/p590b.pdf

Re: I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

fanfare — Sun, 11 Jun 2023 09:10:41 GMT

@VolvoGirl

That's age 70 1/2 for this person.

Re: I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

Hal_Al — Sun, 11 Jun 2023 11:18:43 GMT

Prior to 2019, the age for starting RMD (required minimum distribution) was 70-1/2. Beginning 2019, it was 72.

Beginning in 2023, the age to start taking RMDs jumps from 72 to 73. Beginning in 2033, it goes to 75.

Re: I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

NCperson — Tue, 13 Jun 2023 20:29:44 GMT

@mpeter490 to answer your question 'sarcastically', the tables go all the way up to age 116, so when you turn 116, yes, you must distribute the entire balance.

there are complicated rules related to whomever inherits your IRA. Broadly speaking, and assuming you are already required to take RMDs, if anyone other than your spouse inherits the IRA upon your passing, they have 10 years to liquidate the IRA. That is a broad comment with a number of 'ands ifs and buts'.

topic I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes? in Retirement tax questions

I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

"If" you take money out of your IRA. You are *REQUIRED*...

You can withdraw some of your IRA and not be taxed. How m...

You may have taxes owed based on the amount of the withdr...

Re: I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

Re: I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

Re: I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

Re: I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

Re: I am 80 years old.I receive SS in the amount of $22000 per year. My question is if I take out money from my Ira do I have to pay taxes?

"If" you take money out of your IRA. You are REQUIRED...