IRA Withdrawl

[Hardawaybrazil]

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?

[DoninGA]

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.

[Janet L]

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.