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Retirement tax questions
This rule can work two ways. Sometimes it is better to not remove the excess because removing it means the earnings must also be removed and are taxable in the year removed. The earnings (and future earnings) might be more than the tax. It can be an advantage to leave it all in the account.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
May 12, 2021
6:16 PM