I am 60 years old and I began to receive accumulated income from my IRA accounts. How do I report this income in my income tax return for 2008?
The amount received or disbursed from an IRA account will be reported as ordinary income in the tax year in which the beneficiary received the disbursement. The amount included as income shall be equal to the disbursement received, less the portion of exempt income included in said disbursement. In the event that part of the disbursement comes from interests gained from certain accounts, the taxpayer may opt to pay 17% tax, by authorizing the payer to retain said taxes over the total amount of this disbursement on or before the moment of the disbursement.
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