Ask Experts Questions for FREE Help !
Ask
    welldavid's Avatar
    welldavid Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 22, 2011, 03:02 PM
    Do I have to pay any taxes on with withdrawing an matured ira
    Do I have to pay any taxes on with withdrawing an matured ira
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Jan 22, 2011, 07:53 PM

    Yes, the withdrawal is taxed as your normal income.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #3

    Jan 23, 2011, 04:32 PM

    There are a couple of exceptions to what Mukata said

    A. If you made any after-tax contributions to your traditional IRA, then a portion of your withdrawal is considered to be a return of that contribution, and that portion is not taxed a 2nd time, or

    B. If the withdrawal is from a qualified Roth IRA - meaning a Roth IRA that has been in effect for at least 5 years - then it is not taxed.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

I am a Canadian citizen who inherited an IRA, what kind of taxes will I have to pay? [ 1 Answers ]

I will inherit My Mothers tax deferred IRA will I have to pay taxes to IRS [ 1 Answers ]

I live in Florida, amount will be less than 50,000.

Do I have to pay taxes on a traditional IRA rollover to a Bank IRS CD? [ 2 Answers ]

In 2009 I rolled over my traditional IRA to Bank CD IRA. I received a 1099 from the Financial Services that I had the IRA in, and it says it was a normal distribution. Am I going to have to pay taxes on this?

Penalty on withdrawing money from an IRA [ 20 Answers ]

Hi, In 2008 I withdrew about $6000 from my IRA to help pay for living expenses and some educational expenses. I was told that I may have to pay a 10%penalty for early withdrawal. However, that was my only source of "income" in 2008 (I have no W2 forms for 2008 as I did not work). I also took out an...

Withdrawing ira money [ 2 Answers ]

1. If I had a choice of opening a reg or ira acct and make withdrawals from the ira acct knowing that I was going to have to pay taxes on early withdrawl plus a 10% penalty tax. And let's assume that I could make 12% in whatever acct. how much above 12% would I need to make it worth my while to...

View more questions Search