I rolled over my pension to an IRA in which I know wasn't taxable. Later in the year I took out a lump sum amount. I live in NY. I am over 65. Do I have to pay federal and state taxes on that money?
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I rolled over my pension to an IRA in which I know wasn't taxable. Later in the year I took out a lump sum amount. I live in NY. I am over 65. Do I have to pay federal and state taxes on that money?
Yes, withdrawal from IRA (except Roth IRA) is taxable income.
Yes - this is taxable income to you, so you do have to pay federal and state income tax. You should have received a 1099-R from the IRA administrator showing the amount of your distribution - you report this amount on line 15 of form 1040. If they withheld any taxes from the distribution you show that on line 64.
My dad is going to give me about $25,000. I do not want it to be taxable income. Where can I put it to avoid this? I am 62 and still working. Can I put into an IRA?
sbj98d: If this is a gift, it would not be taxable to you.
However, your dad might have to file a gift tax return on form 709 as the gift is over the $13,000 limit. He won't have to pay taxes on it if his gifts to you are below the life time gift limit (I believe it's 5 million)
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