How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29569
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

Capital gains tax on early IRA withdrawal

Resolved Question:

I am 66 years old and have a fairly sizeable IRA. I know that I have to begin taking money from the IRA before age 70 1/2. I am in about a 26% tax bracket now. I understand the 15% cap on capital gains may have a limited life.

My question is: should I begin taking IRA withdrawals now to minimize my capital gains tax as opposed to waiting until after the 15% cap expires?
Submitted: 11 years ago.
Category: Tax
Expert:  Lev replied 11 years ago.
Distribution from IRA is not considered capital gain. It will be taxed at your regular tax rate.
Lev and other Tax Specialists are ready to help you

Related Tax Questions