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Level 1
November 14, 2023
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I will sell shares from Roth IRA to receive funds, do I have to pay taxes if i'm already 60 years old?

  • November 14, 2023
  • 2 replies
  • 33 views
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    Best answer by NCperson

    Expert Reviewed

    @dgray2 there will be no tax if you had ANY ROTH IRA for at least 5 calendar years.  if you distribute the money from the Roth IRA in 2023 and ANY Roth account you own was opened prior to 1/1/19, there is no tax. 

     

    Even if you can't satisfy that requirement, it may still not be taxable, but is more complicated.  Post back if that is the case and I will explain. 

    2 replies

    Level 15
    November 14, 2023

    There will be no tax if you have had the IRA for at least 5 years. 

    NCpersonAnswer
    Level 15
    November 15, 2023

    Expert Reviewed

    @dgray2 there will be no tax if you had ANY ROTH IRA for at least 5 calendar years.  if you distribute the money from the Roth IRA in 2023 and ANY Roth account you own was opened prior to 1/1/19, there is no tax. 

     

    Even if you can't satisfy that requirement, it may still not be taxable, but is more complicated.  Post back if that is the case and I will explain.