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dgray2
New Member

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

 
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NCperson
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

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

@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. 

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2 Replies

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

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

NCperson
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

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

@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. 

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