IRA taxation question?

Question

I am trying to understand different scenarios for IRA withdrawal.
1. What would be tax amount if I withdraw from IRA $10k after the age of 60 assuming I do not have any other income?
2. In above case, what would be the amount I can withdraw without having to pay any tax?
3. Would the case also be same if I was not a resident of USA at the time of withdrawal?

Thanks in advance

Answer 1

I'm assuming you are talking about a traditional IRA, since withdrawals from a Roth IRA are tax-free.

The amount you can withdraw without paying taxes depends on your filing status. This year, if your status is single, it's $8450, for married filing jointly is $16,900. If you're 65 or over these numbers go up a little, but not a lot. The numbers change every year, and go up, but again, not a lot.

So this year if you withdrew $10,000 from a traditional IRA and that was your only income, and you were not yet 65, your tax would be $156; if you were married filing joint, there wouldn't be any tax due.

If you are a US citizen, then no, this doesn't change if you are living out of the USA. Withholding might be required, but if you overpaid, you'd get the excess refunded when you filed your return.

Answer 2

What DA' Homie?????????????? >/<