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TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 13335
Experience:  15 years of experience in financial advising with emphasis on tax issues.
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I am 68 yrs. old. I want to withdraw my IRA to purchase my

Customer Question

I am 68 yrs. old. I want to withdraw my IRA to purchase my 1st home. What taxes and penalties am I looking at?
Submitted: 5 months ago.
Category: Finance
Expert:  TaxRobin replied 5 months ago.

Hello

You will add the amount you take out to your income so that amount will increase your income for the year.

You will not have any penalty because you are over 59 1/2 years of age.

The tax is just regular tax nothing special or separate. The amount is added to your income and taxed at the regular rate for your filing status.

Expert:  TaxRobin replied 5 months ago.

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