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tax-doctor, Tax Preparer
Category: Tax
Satisfied Customers: 637
Experience:  Federal, State and local income tax preparation
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I have a retirement acct like a ira where i put money in to

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I have a retirement acct like a ira where i put money in to invest in stocks the money deducted before taxes from my paycheck for a tax defer until retirement .But i also have money in this acct. that taxes are already paid on can i withdraw this money without penalty or addition tax
hello, my is michael, and i'll be happy to assist you with this question. the financial institution in which these monies are located should have them label separately. So, if you're taking out monies that have already been taxed the 10% early withdrawal penalty would not apply and would be noted as such on the 1099R you'll be receiving from them. I'd suggest running this by them before taking these monies just to make sure everyones on the same page. if you have anymore questions on this subject please ask otherwise please rate my answer OK or higher so that i'mn pd for answering it, thank you!
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