Income

[CMB6]

How to withdraw from my IRA and no show as income

[xmasbaby0]

If you take money out of your retirement account, you will get a 1099R which must be entered on your next tax return.   If you are younger than 59 1/2 there will be a 10% early withdrawal penalty as well as ordinary income tax.  

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

[DoninGA]

For withdrawals from a Roth IRA -

Contributions can be withdrawn from a Roth IRA at any time without tax implications or withdrawal penalties.

Unless it's a qualified distribution, withdrawing earnings before retirement age could incur a 10% penalty and income taxes.

To withdraw earnings tax- and penalty-free, you must have held a Roth IRA for at least five years and be at least age 59 ½.

For withdrawals from a Traditional IRA -

You can withdraw or use your traditional IRA assets at any time. However, a 10% additional tax generally applies if you withdraw or use IRA assets before you reach age 59½

Since contributions to a Traditional IRA are generally deductible, all withdrawals from a Traditional IRA are taxable.

[Opus 17]

IRA withdrawals are always "income."

If it from a Roth IRA, it might not be taxable, depending on your age and other circumstances, but it must still be reported on your tax return.  (Line 4a shows the total amount of the withdrawal as income, and line 4b shows the taxable amount.)

Withdrawals from a traditional IRA are always taxable and must be reported.

Why do you think your IRA withdrawal is not income?

[VolvoGirl]

If you need short term immediate cash you could take a distribution as a "loan".   You have 60 days to put it back (including any tax withholding taken out) for it to be not taxable.  If you don't replace it, it will be taxable and a 10% early withdrawal penalty if you are under 59 1/2.