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    taylwha66's Avatar
    taylwha66 Posts: 10, Reputation: 1
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    #1

    Jul 29, 2013, 12:12 PM
    Withdrawing from IRAs
    Please advise the withdrawal from my Traditional IRA's in the State Of Georgia , what is the age that I can withdraw funds from and IRA with minimum State and Federal Tax Liability ?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Jul 29, 2013, 12:27 PM
    You suffer the LEAST amount of taxes by withdrawing from your traditional IRA AFTER you reach the age of 59.5 years of age.

    However, it is likely you WILL pay at least SOME income taxes to both the IRS and state of Georgia.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Jul 29, 2013, 12:30 PM
    For federal taxes your income tax liability for withdrawing from a retirement plan depends not on your age but rather on your adjusted gross income level and filing status, which in turn determines your tax bracket. However, if you are under age 59-1/2 any withdrawal may be subject to a penalty in addition to regular income tax (though there are some exceptions).

    For GA income tax there is a tax break for retirement income of up to $35K if you are age 62 or older, and up to $100K if age 65 or older.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Jul 29, 2013, 12:33 PM
    Points well taken, ebaines!
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