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Txbanq
June 26, 2024
Question

IRA withdraws

  • June 26, 2024
  • 1 reply
  • 0 views

Hi

I have both Traditional and Roth IRA and I am withdrawing both, and I have asked them not to withhold any taxes on the ROTH is that right way doing it ?

1 reply

TeriH
TeriH
June 26, 2024

Great question,

The Roth money (contributions and earnings) come out tax free.  So, in theory that slice of income would owe no tax.  Where as the traditional money coming out is a taxable event.

Assuming all other income streams are appropriately withheld you should be in good shape. TurboTax has some great calcuators that can help you see the big picture, instead of a slice at a time.  

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