Earlier this year I contributed the maximum $8000 to a Traditional IRA for this tax year. This was intended as a non-deductible IRA contribution. I have had many years of non-deductible IRA contributions so I have filed form 8606 to track my basis. Unfortunately, my circumstances have changed and I need to turn around and do a withdrawal for tens of thousands of dollars this year. I am in my 60's. I realize I will have to pay tax on the withdrawal (less the basis calculation from 8606) but do I have to worry about anything else like a penalty or withdrawing earnings on this year's contributions?
