I withdrew from my Roth IRA. I am over 59 1/2. How. much do I have to pay the IRS?

[dhairston]

I withdrew from my Roth IRA. I am over 59 1/2. How. much do I have to pay the IRS?

[Bsch4477 · Accepted solution]

If you are over 59 1/2 years old, you can withdraw money from a Roth IRA without penalty or taxes as long as it has been at least five years since your first contribution to the account. 

[Opus 17]

Duplicate.

https://ttlc.intuit.com/community/retirement/discussion/taxes-for-withdraw-of-ira/00/3407199

It helps to keep your followup questions in the same discussion thread. 

[dhairston]

How are the taxes calculated? Is the money considered as income for the new tax year?  Do I have to pay back the taxes I saved on the previous tax year?

[Opus 17]

An IRA withdrawal is income for the year it is received by you.

What savings?  A Roth IRA is funded with money that was not tax deductible, that's why most Roth IRA withdrawals are tax free.

As I already answered, when you withdraw from a Roth IRA, you withdraw your contributions first, your conversions second (if any) and your earnings last.  Withdrawal of contributions is always tax free.  Withdrawl of conversions is tax free if you are over age 59-1/2.  Withdrawal of earnings is tax free if you are over age 59-1/2 AND it has been at least 5 years since you opened your first Roth IRA.  If it is less than 5 years, the earnings are added to your income and taxed as regular income.