Have a Tax Question? Ask a Tax Expert
Hi and welcome to our site!When you prepare your income tax - all your income must be included - unemployment and a IRA withdrawal.
Because your income still below 25,000 - social security is not taxable.
Total SS $25,282.80, Unemployment $640.00, IRA amount $6,125. Taxes paid on IRA $1,500.62 taxes on unemployment $64.00, SS only deduction $1,258.80 for Medicare. I am single mortgage interest $3,840.65.
Bases on your information - you do not have ANY tax liability.
Because your total taxable income is below $10,000.
Social security benefits are not taxable in your situation.
However while you are not required to file the tax return - you still might want to file and request the amount withheld from your IRA distribution to be refunded.
If you do file - you may expect back from the IRS Taxes paid on IRA $1,500.62 and on unemployment $64.
So far - it would be beneficial if you file your tax return.
Let me know if you need any help with reporting.
Thanks that helps if I file I can deduct IRA tax paid and mortgage interest is that correct?