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Subject:  Cashing in a Traditional IRA Date:  6/24/2001  9:33 PM
Author:  Pearlfinder Number:  52052 of 127613

I'm 61 years of age and am thinking about withdrawing my entire Traditional IRA account funds at one time. Over time, I have switched this IRA from two different banks to three different Brokerage firms. It is now in one Brokerage account. I've never had more than one IRA account; it has just been transferred to different organizations. The question: Do I have to have records of all the transactions through the years to determine Capital Gains? I'm sure that some of this information will be difficult to come up with, if at all. Or does the IRS merely use a percentage to tax the amount I'm withdrawing? I find all this very confusing. Any help would be greatly appreciated.
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