Necessary to file income tax?
My only income in 2022 was social security($19,000) I withdrew $9000 from an IRA savings account.
(I purchased a series I Bond after listening to you!) Do I need to file income tax this year?
Thank you.
Terry Says
OK, if your income was NOT social security but from other sources, if you are single, 65 or older and that income us under $14,700, then you would not have to file taxes. If over, you would.
As for Social Security, If you file as an individual, your Social Security is not taxable if your total income for the year is below $25,000.
SO — since your “other income” was $9,000 and your SS is not taxable since it is below $25,000, you are not required to file a return.
However, make sure the custodian of your IRA did not “withhold” taxes on your IRA withdrawal. If they did, then you should file a return requesting a refund of the tax withheld. Ask a tax professional for help in that case.
