turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I withdrew all my money from my ira account, but the investment was made from after tax money so will I have to pay 10% on the gross amount or interest earned?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
dmertz
Level 15

I withdrew all my money from my ira account, but the investment was made from after tax money so will I have to pay 10% on the gross amount or interest earned?

Only the taxable amount of an IRA distribution is subject to an early-distribution penalty.  The taxable amount of the distribution from your traditional IRA will be determined on Part I of Form 8606 by taking into account the amount of your basis in nondeductible traditional IRA contributions, the amount of the distribution(s), and the year-end balance in your traditional IRAs.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question