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fa25300
Returning Member

I know I should not have to pay taxes on entered Ira because i'm60 But cannot find this option

 
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DaveF1006
Expert Alumni

I know I should not have to pay taxes on entered Ira because i'm60 But cannot find this option

You still need to pay federal and state income taxes if you have a traditional IRA but you will not be assessed an extra 10% penalty for taking a distribution before 59 1/2 years of age.

 

If you have a Roth IRA, you may need to pay tax only on the earnings if you own the IRA 5 years or less otherwise it isn't taxable since you are over age 59 1/2.

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