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|Subject: Re: IRA for post 65 yr olds||Date: 12/9/2010 10:40 AM|
|Author: RetiredVermonter||Number: 67821 of 74536|
You avoided income tax on the money in your IRAs when you put it in. Tax has to be paid when it is taken out.
Maybe yes -- and maybe no.
You MAY pay taxes, yes, but you MAY NOT pay any taxes, either, depending on your overall income, since money withdrawn from that IRA is then INCOME.
See my other post, about the money we/I took from my IRA and how little we paid in taxes!
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