topic IRA Withdrawl in Get your taxes done using TurboTax

IRA Withdrawl

Hardawaybrazil — Mon, 23 Feb 2026 13:33:34 GMT

At age 64 I took a $300,00 IRA withdrawal to buy some acreage. We now own our residence as well as this land we purchased. Is all of the $300,000 still considered income and taxed as such?

Re: IRA Withdrawl

DoninGA — Thu, 02 Feb 2023 22:47:25 GMT

The simple answer is Yes, the distribution is entered on your tax return as ordinary income, added to your other income and taxed at your current tax rate.

Re: IRA Withdrawl

Janet L — Thu, 02 Feb 2023 22:53:14 GMT

if by chance you did the withdrawal in the last 60 days you can use other monies to put into an ira as a rollover. I did this in 2016, used money from ira, flipped property before 60 days and put the money back in my ira, you can only do a rollover once every 12 months, and you can put partial back if you don't have the funds for the entire amount or you prefer to pay tax on some now.