Taxes on traditional IRA withdrawals

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Old 11-14-2018, 12:03 PM
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manaboutown manaboutown is offline
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"Report the total amount of the traditional IRA distribution as the taxable amount of your IRA distribution unless you made nondeductible contributions. On Form 1040, it goes on line 15b. If you're using Form 1040A, report it on line 11b. If you've made nondeductible contributions, calculate the taxable portion of the distribution with Form 8606. Then, report the total distribution as an IRA distribution on line 15a of Form 1040 or line 11a of Form 1040A, and report the taxable portion on line 15b of Form 1040 or line 11b of Form 1040A."

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Old 12-29-2018, 05:24 PM
tcxr750 tcxr750 is offline
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If you have a conventional IRA you will have mandatory withdrawals at age 70 1/2. That means you may have to take out greater sums than you want to meet the requirements. There is information on the internet on this.
PS. The withdrawals increase over time until your IRA is depleted or your life force is depleted whichever comes first.
ROTH IRA anyone?
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income, tax, year, withdrawals, ira

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