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Level 4

Question

Which option will this be taxed under

Forum|Forum|4 years ago
December 25, 2021
7 replies
35 views

How will funds from a Traditional IRA be taxed if I do a withdrawal? The funds are invested into a Mutual fund.

Qualified dividends, Interest or IRA/Pension distributions.

Not A Product Question

Level 15

It will be IRA/Pension distributions.

Any interest/dividends or cap gains that the Mutual fund might have issued during the year, are considered to be within the IRA.....and anything you take out is considered as-if just a cash distribution.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

HacdufallAuthor

Level 4

I ran the numbers using the turbotax calculator and I put in a hypothetical number ($50k) and it shows no fed tax is owed why is that? This is using a hypothetical Social Insurance Benefits number ($21,500)

Level 15

Did you enter the IRA distribution correctly ?