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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15716
Experience:  15years with H & R Block. Divisional leader, Instructor
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I receive 30/k annually from SS. I have no other income. I

Customer Question

I receive 30/k annually from SS. I have no other income. I have an IRA with $55/k. I turned 70 years old last August.
If I draw $3/k out of the IRA how much tax will I pay?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  Robin D. replied 1 year ago.

I am calculating your taxable portion of SSA, one sec please.............................

Expert:  Robin D. replied 1 year ago.

50% of your benefits plus all your other income is used to calculate. If that income is between $25,000 and $34,00 on a single return up to 50% of your benefits can be taxed.

No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules.

If your income and half the SSA is more than $34,000, up to 85 percent of your benefits may be taxable.

As you are below the amount you would pay no tax, because your personal exemption and standard deduction would eliminate income so no tax to pay.

Please let me know if you need clarification. If you do not then a positive 5 star rating is appreciated so I get credit for the response. (look for the STARS or SMILEY FACES)

Expert:  Robin D. replied 1 year ago.

I just wanted to check back with you and see if you needed me to clarify anything.