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Utah Retirees—Beware of the Triple Whammy When Taking IRA Withdrawals

Posted by Admin Posted on Mar 03 2016

1. IRA is usually taxable.  An IRA withdrawal is usually taxable (assuming it was deductible when you put money in the IRA)

2. IRA withdrawal can cause Social Security to be taxable.  If none or part of your Social Security is taxable, the IRA withdrawal can cause more of your Social Security to be taxable.

3. Utah Retirement Credit can be reduced.  The additional income from the IRA and taxable Social Security can cause your Utah Retirement Credit to be reduced or eliminated.

There are ways to reduce or eliminate the effect of the triple whammy.  Please call us for more information.