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Level 2

Question

IRA Withdrawl

Forum|Forum|3 years ago
February 2, 2023
2 replies
6 views

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?

TurboTax Home & Biz Windows

Level 15

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.

Level 2

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.