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Level 2
posted Jul 28, 2021 10:15:35 AM

I am moving from TX to CO, need to withdraw from IRA to buy a house in CO

Is this a correct assumption?

"I would like to withdraw IRA while I am in TX in order to avoid additional State income Tax in CO. "

 

if so, how can I do it properly to avoid the unnecessary income Tax in CO??

 

0 2 524
1 Best answer
Expert Alumni
Jul 28, 2021 10:27:29 AM

Hi! You will want to take the draw prior to making the move and while you are still a TX resident. Since TX does not have an income tax you will avoid state tax entirely. 

2 Replies
Expert Alumni
Jul 28, 2021 10:27:29 AM

Hi! You will want to take the draw prior to making the move and while you are still a TX resident. Since TX does not have an income tax you will avoid state tax entirely. 

Level 2
Jul 28, 2021 10:32:43 AM

How do I proof my TX residency?  is it by using a Texas address?