Question

IRA

Forum|Forum|5 years ago
March 17, 2021
2 replies
0 views

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?

IRA

M

MinhT1

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.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

T

ThomasM125

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

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"