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Retirement tax questions
Any amount you withdraw from a qualified retirement plan is subject to ordinary income tax. RMD is not a special withdrawal or subject to special rules, RMD just means that after a certain age, you must withdraw a small amount of your retirement account each year. You can withdraw more if you like, and whatever you withdraw you pay regular income tax on. Whatever stays in the account grows tax-free until you withdraw it, then you pay regular tax as usual.
‎July 15, 2021
1:17 PM
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