2007-10-22 09:37:15 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Depends. If you are single, yes. If you are married filing a joint return and that's your total income between you, no.
And if it's social security and that's your only income, then no, you don't pay tax.
2007-10-22 11:21:13 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Your pension or IRA distributions will appear on Lines 15 and 16 of Form 1040. Sometimes part of these distributions is not taxed because contributions were made on an after-tax basis. But usually it is all taxed.
You will receive a 1099R from your financial institution that pays you. If it is a partially taxed pension, that will be indicated on the 1099R.
Unless you are married filing a joint return, you will be required to file a tax return with this amount of income. A married taxpayer would pay no tax on this amount of income. A single taxpayer would pay on the order of $600 federal income tax unless there were other deductions or credits.
At this income level little or no SS benefits are going to be taxed.
2007-10-22 10:07:50 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
That depends.
If by retirement income you mean 401k, Trad. Ira or Pension:
If you are single, yes, you will have a tax bill.
If you are married and there is no other income, probably not.
2007-10-22 09:43:23 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋
Yes. To the extent you do not have an after tax investment in the payment, it is ordinary income.
2007-10-22 09:42:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Generally speaking:
No, if it is from a Roth IRA
Yes, if it is not from a Roth IRA
There are exceptions to both of these statements.
2007-10-22 10:59:11 · answer #5 · answered by StephenWeinstein 7 · 0⤊ 0⤋