IRA/401K Withdrawal

[0816]

I withdrew money from my IRA in 2019.  I did not have taxes taken since I didn't know what my tax liability was going to be.  I am 62 years old.  Was there a penalty because I took the monies at 62 years old? 

[DavidD66]

There is no penalty for taking a distribution from an IRA if you are age 59 1/2 or older.  The distribution may be subject to ordinary income tax, but it will not be assessed the 10% penalty for early withdrawal.

[0816]

You noted that the distribution may be subject to ordinary income tax.  Why would it not be subject to ordinary income tax?

Thank you

[MinhT1]

Your distribution would not be taxable up to the amount of basis you have in your IRA. Basis in an IRA is the non-deductible contributions you made.

Please read this TurboTax article about Traditional IRA basis.