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New Member
posted Dec 12, 2023 5:50:11 PM

Do I have to pay any taxes on an amount withdrawn from a Retirement Rollover IRA and I am 60 yrs old?

If I were to buy a house and withdrew some money from my Retirement account (IRA) for a down payment, would I need to pay any taxes on the money taken from my IRA?

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2 Replies
Level 15
Dec 12, 2023 5:55:35 PM

If you make a withdrawal from a Traditional IRA, for any reason, the amount withdrawn will be taxable.

Level 15
Dec 12, 2023 8:46:33 PM

Since you are older than 59 1/2, you will not have an early withdrawal penalty, but the money you take out of the retirement account is taxable income, no matter what you are using it for.    If you take the money out in 2023, you will receive a 1099R for the distribution sometime in January or February and you will need to enter it on your 2023 tax return.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.