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Retirement tax questions
Hi ri-solano,
Great question!
1. You may withdraw the principal you contribute at any time, since you're already 59 1/2 years of age. For Roth IRA, there is no RMD requirements. Roth IRAs do not require withdrawals until after the death of the owner.
Additional info:
https://www.irs.gov/retirement-plans/roth-iras
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
2. Any withdrawals from your 401K and any other taxable income is used to determine your taxable amount of Social Security Benefits. Up to 85% of your Social Security Benefits could be taxable depending on your other income.
https://www.ssa.gov/benefits/retirement/planner/taxes.html
Hope it helps.
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‎July 26, 2023
2:59 PM
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