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Retirement tax questions
Traditional IRAs are tax-*deferred* savings, savings that are includible income when distributed. IRA distributions are taxable as ordinary income.
The $40,000 traditional IRA distribution is included in your Adjusted Gross Income on your federal tax return. Your AGI is then reduced by either the standard deduction or your itemized deduction to determine your taxable income.
The $40,000 traditional IRA distribution is included in your Adjusted Gross Income on your federal tax return. Your AGI is then reduced by either the standard deduction or your itemized deduction to determine your taxable income.
‎June 4, 2019
12:11 PM