Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I turn 70 1/2 years old on October 12, 2017. I have a Roth…

Customer Question
I turn 70 1/2...

I turn 70 1/2 years old on October 12, 2017.I have a Roth IRA that I opened on 12/15/2014 with a conversion from my IRAI want to withdraw $30K in 2017 from my Roth IRA (current market value of ROTH is $75K)I don’t meet the 5-year rule for my Roth, so I’ll pay taxes on the EARNINGs from the $30KI may be subject to the 10% penalty… BUTI’m over 59 1/2… and
our 2017 tax return will show Unreimbursed medical costs > 7.5% of our AGI (joint return, both born before 1951)AM I subject to the 10% penalty tax on the $30K

Accountant's Assistant: The Expert will know how to help. Is there anything else the Expert should be aware of?

No-- situation and question fully described in previous send

Submitted: 11 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
9/13/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,385
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago

Only if you receive a distribution that is not a qualified distribution, you have to pay the 10% additional tax on early distributions. In your case your distribution is Qualified because you are over 59 1/2.

You will not be subject to a 10% penalty.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago

Only if you receive a distribution that is not a qualified distribution, you have to pay the 10% additional tax on early distributions. In your case your distribution is Qualified because you are over 59 1/2.

You will not be subject to a 10% penalty.

I sincerely ***** ***** above is clear but please let me know or rate in a positive way.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,385
18,385 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

18,385 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Question in regards to roth IRA distribution and taxes. Roth
question in regards ***** ***** IRA distribution and taxes. … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,607 satisfied customers
What forms are necessary to withdraw funds from a Roth IRA
what forms are necessary to withdraw funds from a Roth IRA due to disability … read more
abci168
abci168
Principal
27 satisfied customers
I have a roth IRA, can I withdraw early, Im in south
I have a roth IRA, can I withdraw early, Im in south carolina if that matters … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,607 satisfied customers
If I had money in an annuity and withdrew it after the 7
If I had money in an annuity and withdrew it after the 7 years, but prior to being 59 1/2....how can I avoid the tax penalty? Can I take the money I made in interest and put it into a ROTH IRA to avoi… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,385 satisfied customers
I have a 401(K) that I'd like to rollover to either a
I have a 401(K) that I'd like to rollover to either a self-directed traditional or ROTH IRA. My goal is to income generation. Is there any possible way (excluding the well published exceptions like lo… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,385 satisfied customers
To Roth IRA expert: A joint filer was NOT eligible to
To Roth IRA expert: A joint filer was NOT eligible to contribute to a Roth IRA in 2014 as modified adjusted gross income exceeded $191,000. Using Fidelity, my friend's spouse contributed $6,500 into R… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I converted a traditional 401K to a Roth 401K in October 2011.
I converted a traditional 401K to a Roth 401K in October 2011. I have significant medical expenses well in excess of the 7.5% ... If I withdraw funds from my Roth 401K today will I be required to pay … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,385 satisfied customers
On an early 401K distribution my wife who is 58 took. I am
On an early 401K distribution my wife who is 58 took. I am 65 years old. Is the 10% penalty applicable ? Can we exempt the tax because medical bills exceeded 10% of AGI ? Would the entire distribution… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,385 satisfied customers
I am 58 with an inherited IRA Roth from my Dad. I need to
Hi. I am 58 with an inherited IRA Roth from my Dad. I need to withdraw $30K to buy a house. Can I retitle the Roth for this purpose. Otherwise, what would my 2012 taxes be for withdrawing $145K from a… read more
WebCPA
WebCPA
Manager
Bachelor's Degree
62 satisfied customers
In 2009, we closed our Roth IRA and received the money that
In 2009, we closed our Roth IRA and received the money that was left in the acccount. We lost money with this investment. Now the IRS wants payment for early distribution. How do I correct this? Is th… read more
abci168
abci168
Principal
27 satisfied customers
I am trying to figure out what I am going to do regarding my
I am trying to figure out what I am going to do regarding my taxes in 2012. I have been unemployed for 4 months now and getting around 1800 per month in unemployment benefits. I am planning to take 16… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
My brother has been unemployed for several months, has zero
My brother has been unemployed for several months, has zero income (living off his savings), has no health insurance, and is NOT 59 1/2. If he takes early withdrawal from rollover IRA to pay medical e… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,385 satisfied customers
If I take a partial withdrawl from my traditional IRA to invest
If I take a partial withdrawl from my traditional IRA to invest in gold, will I have to pay taxes on the partial withdrawl?… read more
abci168
abci168
Principal
27 satisfied customers
I am 65 and have opened a Roth IRA in 2010 by converting my
I am 65 and have opened a Roth IRA in 2010 by converting my entire traditional IRA to the Roth. I know there's a tax I need to pay which I will pay over the next two years. My question: Can I withdraw… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Single person age 35 withdraws funds from a Traditional IRA
Single person age 35 withdraws funds from a Traditional IRA to pay for unreimbursed medical expenses for herself (NOT to pay for health insurance premiums). There is an exception to the 10% early with… read more
Bizhelp
Bizhelp
Certified Public Accountant (CPA)
Bachelor's Degree
638 satisfied customers
Is there any way to avoid paying the 10% penalty for withdrawing
Is there any way to avoid paying the 10% penalty for withdrawing money from an IRA when you keep it past 60 days?… read more
Bizhelp
Bizhelp
Certified Public Accountant (CPA)
Bachelor's Degree
638 satisfied customers
when can I draw funds from a Roth ira without paying a tax ...
when can I draw funds from a Roth ira without paying a tax penalty (other than income tax) Already Tried: talked to bank where my ira account is,they say 59 1/2 and/or 5 years… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
I have a roth ira and may need to cash it out early.
I have a roth ira and may need to cash it out early. It's value is ~$11,000. I have not added to it recently. I was wondering what my tax hit would be?… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x