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covkid
New Member

Will I have to pay Federal Income Tax on a Withdrawal (of approx 90% of the current balance) from a Roth IRA I set up 11 years ago?

I'm 74 years-old and retired. I rolled an Employee Roth IRA (composed solely of Post-Tax contributions) to a new Roth IRA with a Broker. Over that time, I have received only $660 in Dividends and Interest. 


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Cindy0H
New Member

Will I have to pay Federal Income Tax on a Withdrawal (of approx 90% of the current balance) from a Roth IRA I set up 11 years ago?

Because Roth IRAs are funded with after-tax dollars (money that's already been taxed), you will pay taxes on your contributions but will not pay taxes when you withdraw them in the future If you are 59½ or over, you may withdraw as much as you want, tax free and penalty free, as long as your Roth IRA has been open for at least 5 years.

If you have other questions about this, ask in the comment section below.

View solution in original post

1 Reply
Cindy0H
New Member

Will I have to pay Federal Income Tax on a Withdrawal (of approx 90% of the current balance) from a Roth IRA I set up 11 years ago?

Because Roth IRAs are funded with after-tax dollars (money that's already been taxed), you will pay taxes on your contributions but will not pay taxes when you withdraw them in the future If you are 59½ or over, you may withdraw as much as you want, tax free and penalty free, as long as your Roth IRA has been open for at least 5 years.

If you have other questions about this, ask in the comment section below.

View solution in original post

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