We are retired and had no income in 2023 and 2024 (we lived off savings and filed married jointly return). Since I will turn 59 1/2 in 2025, and we plan to withdraw money from a taxable investment account and potentially my IRA to live on, does the withdrawal qualify as regular income (same as if I had a paycheck) in terms of tax return? We are trying to determine how much reported income we’ll have in 2025 to see what kind of health insurance for 2025 we can get from ACA or private insurance.
You'll need to sign in or create an account to connect with an expert.
It counts as regular income.
Yes the IRA withdrawal is taxed as ordinary income like your paychecks. See IRS publication 590B for IRA Distributions
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
bhagat-gbpec
New Member
AdnerbG
Returning Member
likesky1010
Level 2
Jax02
Level 2
Jax02
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.