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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2757
Experience:  IRS licensed Enrolled Agent and tax instructor
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I withdrew 51,773.oo out of my Traditional IRA and

Customer Question

I withdrew 51,773.oo out of my Traditional IRA and reinvested it into my companys stock.
Could you tell me is this cosidered taxable income ? If I will owe taxes on this amount
how much should I be prepared to pay ? Thank you for your help in this matter . I don't know if this bit of information helps any , but Iam retired and 68 yrs of age.
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

If you took money OUT of the IRA, the transaction will be treated as regular distribution, subject o income tax. How much tax you will pay will depend on your other income and filing status. Here's what I need to know to estimate your tax liability:

filing status

your other income and how much of it is social security income

do you usually itemize or take standard deduction

Expert:  emc011075 replied 1 year ago.

Connie, I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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