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36ollie36
July 15, 2021
Question

ROTH IRA

  • July 15, 2021
  • 1 reply
  • 0 views

I am 71 and I have a ROTH IRA , do I have to make withdrawals.?  Do I have to pay income tax on the withdrawals  and on the balance of monies in my ROTH IRA account? 

 

    1 reply

    A
    AnthonyC_CPA
    July 15, 2021

    Hi.  ROTH IRA's did not have RMDs (Required Minimum Distributions) during your lifetime so you do not have to make a withdrawal unless you choose to.

     

    Hope this helps!

     

    AnthonyC CPA

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    A
    AnthonyC_CPA
    July 15, 2021

    Also, once you decide to withdraw money from your ROTH IRA you will not have to pay income taxes on the amount withdrawn.

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