Ask Terry Questions 2024 Tax Return

2024 Tax Return

By Terry Savage on October 21, 2024 | Financial Planning / Retirement

My wife and I are both 69. All our income is from social security.

Would it be a good idea to withdraw money from an IRA to use that income against the standard deduction for us who file married filing jointly. If so, what would be a safe amount?

Terry Says

I assume that you want to stay under the minimum income required to file taxes. For 2024, those limits are as follows:

The minimum income to file a tax return in 2024 depends on your filing status and age. Here are the minimum income requirements for each filing status12:
Single filing status: $12,950 if under age 65, $14,700 if age 65 or older.
Married filing jointly: $25,900 if both spouses under age 65, $27,300 if one spouse under age 65 and one age 65 or older.
Married filing separately: $5 for all ages.
Head of household: $19,400 if under age 65.
Qualifying widow(er) with dependent child: $25,900 if under age 65.

If you are under the limits and want to withdraw some money from your IRA, while staying under the limit, it isn’t a bad idea.

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