I am 78 yrs old, I have a ROTH IRA and plan to cash it out, will this be considered an income?

Q) I am 78 yrs old, I have a ROTH IRA and plan to cash it out, will this be considered an income, subject to tax. Will it increase my gross income and bump me to the next taxable bracket?

A) Please discuss this with your tax accountant. In general you can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. However, you may have to pay taxes and penalties on earnings in your Roth IRA. Withdrawals from a Roth IRA you’ve had less than five years.

Age 59 and under.
You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. However, you may have to pay taxes and penalties on earnings in your Roth IRA.

Withdrawals from a Roth IRA you’ve had less than five years.

If you take a distribution of Roth IRA earnings before you reach age 59½ and before the account is five years old, the earnings may be subject to taxes and penalties. You may be able to avoid penalties (but not taxes) in the following situations:

You use the withdrawal (up to a $10,000 lifetime maximum) to pay for a first-time home purchase.
You use the withdrawal to pay for qualified education expenses.
You’re at least age 59½.
You become disabled or pass away.
You use the withdrawal to pay for unreimbursed medical expenses or health insurance if you’re unemployed.
The distribution is made in substantially equal periodic payments.1
Withdrawals from a Roth IRA you’ve had more than five years.

If you’re under age 59½ and your Roth IRA has been open five years or more,1 your earnings will not be subject to taxes if you meet one of the following conditions:

You use the withdrawal (up to a $10,000 lifetime maximum) to pay for a first-time home purchase.
You’re at least age 59½.
You become disabled or pass away.
You use the withdrawal to pay for unreimbursed medical expenses or health insurance if you’re unemployed.
The distribution is made in substantially equal periodic payments.1

Age 59½ to 70.
Withdrawals from a Roth IRA you’ve had less than five years.

If you haven’t met the five-year holding requirement, your earnings will be subject to taxes but not penalties.

Withdrawals from a Roth IRA you’ve had more than five years.

If you’ve met the five-year holding requirement, you can withdraw money from a Roth IRA with no taxes or penalties.

Age 70½ and over.
Withdrawals from a Roth IRA you’ve had less than five years.

If you haven’t met the five-year holding requirement, your earnings will be subject to taxes but not penalties.

Withdrawals from a Roth IRA you’ve had more than five years.

If you’ve met the five-year holding requirement, you can withdraw money from a Roth IRA with no taxes or penalties. Source: https://www.schwab.com/public/schwab/investing/retirement_and_planning/understanding_iras/roth_ira/withdrawal_rules