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-   -   Do I have to pay any taxes on with withdrawing an matured ira (https://www.askmehelpdesk.com/showthread.php?t=546824)

  • Jan 22, 2011, 03:02 PM
    welldavid
    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
  • Jan 22, 2011, 07:53 PM
    MukatA

    Yes, the withdrawal is taxed as your normal income.
  • Jan 23, 2011, 04:32 PM
    ebaines

    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.

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