Updated August 19, 2017. Once you reach age 59 1/2, you can take distributions from your IRA, and you won't pay a penalty tax. But the amount you withdraw is still subject to income taxes. Normal IRA distributions are included on line 15a and/or 15b on your 1040 tax form. That means the amount you withdraw is included in the calculation that determines how much taxable income you have for that calendar year. How Much Tax Will I Pay on the IRA Distribution?