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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7067
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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If you pay tax on an ira withdrawal at the time of the

Customer Question

If you pay tax on an ira withdrawal at the time of the withdrawal do have to include that money as income on your tax return? Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.

Yes, the tax you pay is only the estimated tax withheld. The actual tax depends upon the amount of your other income when added to the IRA withdrawal and then you will receive credit for the amount of tax withheld just like you do when you receive credit for the income tax withheld on your salary or wages.

Expert:  Stephen G. replied 1 year ago.

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Thanks very much,

Steve G.