first we need to determine if any part of your social security benefits would be taxable.
Here is a simple test.
- take a half of social security benefits
- PLUS other taxable income
- if the total is less than $25000 (for singles) or $32,000 (for married couples filing jointly)
- none of social security benefits would be taxable
- if the total is more than the threshold - we would need to use a special worksheet to determine the taxable portion.
So far - NONE of your social security benefits are taxable - and IRA distribution is your only taxable income.
As you are single - you are entitled fort standard deduction $6300 and personal exemption - $4050
Thus - after these deductions - your taxable income is zero - and you would NOT have any income tax liability.
Does that answer your question?