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New Member
posted Nov 14, 2023 2:49:20 PM

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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1 Best answer
Level 15
Nov 14, 2023 6:37:43 PM

@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
Nov 14, 2023 3:33:25 PM

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

Level 15
Nov 14, 2023 6:37:43 PM

@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.