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0816
Level 2
March 20, 2020
Question

IRA/401K Withdrawal

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? 

3 replies

DavidD66
Alumni - Intuit
March 20, 2020

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.

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0816Author
Level 2
March 20, 2020

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
Alumni - Intuit
March 20, 2020

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.

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