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J
jbaugher21
Employee
March 14, 2020
Question

Over 60 and contributing 7000.00 to IRA

  • March 14, 2020
  • 1 reply
  • 0 views

If I contribute the full amount is there time limit I have to leave this amount in in order to withdrawal the money?

    1 reply

    ColeenD3
    ColeenD3
    March 14, 2020

    No, if it is a Traditional IRA, you will be taxed next year on any distributions. For a Roth, you can withdraw your contribition but will pay tax on any earnings.

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