The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Cashing in a Traditional IRA||Date: 6/24/2001 9:40 PM|
|Author: Crosenfield||Number: 52053 of 122527|
If you made non-deductible contributions to your IRA over the
years, you need the total, which should have been reported to the
IRS annually. That portion of your IRA is not taxable.
If it is all or partly deductible, then you will pay tax on
the amount withdrawn. Capital gains, the source of the money,
makes no difference. Except for any non-deductible contributions,
it is all taxed as ordinary income.
Best wishes, Chris
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