I'm 65 and made both SEP IRA and TRAD IRA contributions this year to existing accounts. They were set up two years ago; They both now say "LONG TERM" ... which technically they are. And I just made the new contributions prior to 4/15/19. Can I take out any amount I wish, knowing I'll be taxed as income, going forward? I could use some of the money that is just sitting in the money market right now that hasn't been allocated to any funds. I don't have a problem taking only what was contributed prior to 4/19, but I would have to find that info as the amounts are now combined. I don't want to touch the money that has been put into funds, just some of the money sitting in the Cash reserve
You'll need to sign in or create an account to connect with an expert.
yes. and no IRS penalties. amount withdrawn taxable in 2019. state rules differ
yes. and no IRS penalties. amount withdrawn taxable in 2019. state rules differ
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
msv1
New Member
Boomhauser
Level 2
TomG6
New Member
herosareangels
New Member
audreyperez29
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.