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Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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About 15 years ago I rolled my 401K plan over into a traditional

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About 15 years ago I rolled my 401K plan over into a traditional IRA. Since then, I have never made any further contributions to this IRA. I am wondering what the tax and early withdrawal implications are if I were to liquidate this IRA now.
Submitted: 7 years ago.
Category: Tax
Expert:  Marvin,EA replied 7 years ago.

Hello and thanks you for using Just Answer. If you are under 59 1/2 at the time of the withdrawal the early withdrawal penalty will be 10% of the amount withdrawal from the IRA. You must also report the total amount of the withdrawal on your federal income tax return.

Customer: replied 7 years ago.
Will this amount that is withdrawn be considered taxable income?
Expert:  Marvin,EA replied 7 years ago.
The amount you withdrawal from your IRA is taxable income and must be reported on your federal tax return.
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