Hello,
I am POA for a relative who gets Social Security income of $33,000 and RMDs of $6,500. They are single and over 65. I believe the Social Security income is not taxable, but would federal tax be due on the RMD? I am not sure if the standard deduction would also wipe that income out and, if so, is a federal tax return due?
Would appreciate any advice!
I am POA for a relative who gets Social Security income of $33,000 and RMDs of $6,500. They are single and over 65. I believe the Social Security income is not taxable, but would federal tax be due on the RMD? I am not sure if the standard deduction would also wipe that income out and, if so, is a federal tax return due?
Would appreciate any advice!
Statistics: Posted by bigxbomber11 — Tue Sep 17, 2024 1:20 pm — Replies 2 — Views 81