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SWalk
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Taxation on IRA withdrawal age 68

I am 68. To pay for home and vehicle repairs, I have had to draw $45,000 from my IRA investments. My SS income is $23,000. I get $5,000 from a pension. What taxes will I have to pay?

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CatherineR
Employee Tax Expert

Taxation on IRA withdrawal age 68

You can easily estimate your 2022 tax liability by using Turbo Tax Taxcaster program available at this link:

Taxcaster 2022 

Since the IRA distribution will likely increase your taxable income for 2022 and along with your pension may put you over the income limit that taxes up to 85% of your social security benefits.  Here is a link to the SSA site with the rules that explain how much of your benefit is taxed:

How much of my social security will be taxed for 2022?  

 

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