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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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I want to take some money out of my IRA. I am 73 years old.

Resolved Question:

I want to take some money out of my IRA. I am 73 years old. I need to recoup some medical expenses I had to pay out.   My finanacial consultant is telling to me to take it out of my managed accounts.   i always thought it was best to take out of my IRA at my age.   I would lke to leave my managed accounts and stocks alone.
Submitted: 7 years ago.
Category: Tax
Expert:  Marvin,EA replied 7 years ago.

Hello and thank you for using Just Answer. Unless you have a Roth IRA at 73 you are require to take annual minimum distributions from your IRA. Do you know if your IRS is a Roth IRA or Traditional IRA?

Customer: replied 7 years ago.
Traditional IRA and I want to take out 10,000. That would cover my medica lexpenses.
Expert:  Marvin,EA replied 7 years ago.

The $10,000 withdrawal from your IRA must be reported as taxable income on your federal income tax return. The $10,000 also must meet your minimum distribution from your IRA for 2009.



If you have $120,000 in your IRA for 2009 you must make a minimum distribution in the amount of $4,858 (120,000 / 24.7 = $4,858)

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