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ecrawford916
New Member

Im 60 years old if i take money from my ira when can i give the irs the tax money?

can I wait until I file taxes for that year?
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xmasbaby0
Level 15

Im 60 years old if i take money from my ira when can i give the irs the tax money?

If you take a distribution from your IRA you can voluntarily have taxes withheld from the distribution, or you can wait and pay taxes at tax time next year.  If you take out a lot, and do not have taxes withheld, you could be subject to an underpayment penalty.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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1 Reply
xmasbaby0
Level 15

Im 60 years old if i take money from my ira when can i give the irs the tax money?

If you take a distribution from your IRA you can voluntarily have taxes withheld from the distribution, or you can wait and pay taxes at tax time next year.  If you take out a lot, and do not have taxes withheld, you could be subject to an underpayment penalty.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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