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Author: Pearlfinder One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120819  
Subject: Cashing in a Traditional IRA Date: 6/24/2001 9:33 PM
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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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Author: Crosenfield Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 52053 of 120819
Subject: Re: Cashing in a Traditional IRA Date: 6/24/2001 9:40 PM
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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the amount withdrawn.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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