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

Customer Question
I need to recoup some...
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: 8 years ago.Category: Tax
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Answered in 11 minutes by:
8/3/2009
Tax Professional: Marvin,EA, Enrolled Agent replied 8 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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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?

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Customer reply replied 8 years ago
Traditional IRA and I want to take out 10,000. That would cover my medica lexpenses.
Tax Professional: Marvin,EA, Enrolled Agent replied 8 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.

 

Example:

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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Marvin,EA, Enrolled Agent
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