Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 06-02-2016, 11:37 AM
Junior Member
 
Join Date: Jun 2016
Posts: 1
Income from an IRA as it relates to long term disability

Hi, I'm new to this site and have a disability related question:
I have recently been put on long term disability and I have an IRA that I wish to take monthly distributions from.
First my info:
I am 40 yrs old
Total yearly disability income is $17,004
I am married

My question is since I'm on disability do I have to pay income tax on all money that I take out of the IRA? How much can I take out before my disability is taxed and/or my disability payment is reduced?
Does anyone know if income from an IRA is treated the same as income from working as it relates to disability?

I do know that I don't have to pay the 10% early distribution fee because I'm on disability.

Many thanks for any help!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Accidently misclassified a capital gains transaction as short term rather than long term janelee Capital Gains 1 04-17-2014 06:50 AM
Death Benefit from Long Term Disability Taxable? Coadysmom Income 3 08-18-2011 12:14 PM
Death Benefit from Long Term Disability Taxable? tmtwi Income 1 07-09-2011 04:41 PM
Long term disability taxes Stamkos91 Income 3 03-12-2011 04:24 AM
Long Term Homebuyer's Credit jackiebrad1 Miscellaneous 1 02-06-2011 07:06 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.