Share this content

How Does Taking Money From an IRA Affect Taxes?

A reader wonders how taking money out of a transitional IRA affects tax liability.

Didn't find your answer?

Assume I am a 75-year-old, retired man wanting to start a business. I intend to take out  $100,000 from my traditional IRA to buy a guest house. What percentage of this is taxable, assuming my IRA account balance is $206,000, and I made a $6,000 withdrawal in 2017?

How would you calculate the tax liabilty?

Would taking more out of my account make my guest house increase in income and therefore increase my 2018 tax liablity? What IRS forms would need to be filled out?

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.

Share this content

Related posts