Question

Do I have to pay any taxes on an amount withdrawn from a Retirement Rollover IRA and I am 60 yrs old?

Forum|Forum|2 years ago
December 13, 2023
1 reply
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If I were to buy a house and withdrew some money from my Retirement account (IRA) for a down payment, would I need to pay any taxes on the money taken from my IRA?

TurboTax Online

DoninGA

Employee

If you make a withdrawal from a Traditional IRA, for any reason, the amount withdrawn will be taxable.

X

xmasbaby0

Employee

Since you are older than 59 1/2, you will not have an early withdrawal penalty, but the money you take out of the retirement account is taxable income, no matter what you are using it for. If you take the money out in 2023, you will receive a 1099R for the distribution sometime in January or February and you will need to enter it on your 2023 tax return.

To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**