turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

withdrawing funds from our retirment

Sorry, in the previous question, I forgot to mention that our retirement funds are in Roth IRA's.  Does that make a difference, since the taxes were paid prior to investing?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
dev145
Employee Tax Expert

withdrawing funds from our retirment

Yes, it does make a difference. Money into ROTH IRA is after tax money that means you will not pay taxes when you withdraw from the account during retirement. You will still get a 1099-R and report it on tax return but it will not be a taxable income. 

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

View solution in original post

1 Reply
dev145
Employee Tax Expert

withdrawing funds from our retirment

Yes, it does make a difference. Money into ROTH IRA is after tax money that means you will not pay taxes when you withdraw from the account during retirement. You will still get a 1099-R and report it on tax return but it will not be a taxable income. 

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies