IRA and Annuity
I'm 61 years old in New York State. I had a k4 retirement account from a company when I left the company I rolled it over to an IRA which I just closed out because it wasn’t earning much interest, I also drew money out of an annuity. Let's say the 2 numbers and some other interest are 20K and I take a standard deduction, approximately how much I owe?
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Hello, richieffortrucking!
That is a great question! I'm assuming you meant a 401(k) retirement account. Correct?
If so, the rollover of a pretax 401(k) to a traditional IRA won't be taxable. However, if you withdraw the funds by closing the IRA, the withdrawal will be taxable. Because you're over the age of 59 1/2, the withdrawal is not considered early, and you won't be charged a penalty on the withdrawal.
Are you a single filer? If so, your standard deduction would be $13,850. After the standard deduction of $13,850 is applied, $20,000 of total income would result in about $6,150 of taxable income. 10% of this, which would be the marginal tax rate at this taxable income level, is $615.
If you have not already taken the withdrawal, you may want to consider having tax withheld to cover the $615 owed. If you have too much withheld, you can receive it back via a tax refund.
You can find the 2023 standard deduction amounts at the IRS link below:

Wow, thanks for the answer, I thought it was going to be a lot more.
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Correction it's a 401K that I rolled over to an IRA (not roth)