Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Doug482002
New Member

I turned 64 in Jan'2019 and did not work in 2019. I have many deductions and wanted to withdrawal some money from my IRA. Do I have to complete the withdrawal by 12/31?

 
2 Replies
DoninGA
Level 15

I turned 64 in Jan'2019 and did not work in 2019. I have many deductions and wanted to withdrawal some money from my IRA. Do I have to complete the withdrawal by 12/31?

If you wan to report the withdrawal from the IRA on a 2019 tax return then you need to complete the withdrawal on or before 12/31/2019.

macuser_22
Level 15

I turned 64 in Jan'2019 and did not work in 2019. I have many deductions and wanted to withdrawal some money from my IRA. Do I have to complete the withdrawal by 12/31?

And do not wait to the last day to do it because many financial institutions take between 1-3 days to post a distribution (in the fine print of the account agreement) and the year of distribution will depend on the posting date.  Ask your financial institution their policy.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Dynamic AdsDynamic Ads
Privacy Settings
v