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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15739
Experience:  15years with H & R Block. Divisional leader, Instructor
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I am retired with an income of $12,000/year from a pension a

Customer Question

hi. I am retired with an income of $12,000/year from a pension a d $12,000/year from ss before medicare deduction for a total of 24 000 annual income. I am 67 years old and for the past few years have paid no state or federal income taxes because of my income. I use the standard deduction. I need to start drawing on my ira and need to know what is the maximum dollar amout I can withdraw, based upon my income
JA: The Expert will know how to help. Is there anything else the Expert should be aware of?
Customer: the maximum amount I can withdraw based upon my income?
Submitted: 1 month ago.
Category: Tax
Expert:  Robin D. replied 1 month 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 month ago.

Every year the amount that requires you to file changes because it is based on your standard deduction, exemptions and your age and filing status.
For 2016 that was $11850 for a single person over 65. If your pension is going to be $12000 for 2017 just about any amount is going to push you into being required to file.

The personal exemption for tax year 2017 remains as it was for 2016: $4,050. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017.

Expert:  Robin D. replied 1 month ago.

Hi, I am checking back to see if you needed further information or if you responded.