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I am 83 and holder of a small ($20k +/-) traditional IRA. I…

I am 83 and...

I am 83 and holder of a small ($20k +/-) traditional IRA. I desire a 100% withdrawal & understand paying full taxes will be required. Would there be any additional penalty?

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Being 82 years of age, I desire a 100% withdrawal of a $20k IRA. Outside of full taxes, should there be any kind of additional penalty?

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Answered in 4 minutes by:
11/26/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,209
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. No, becasue you're over age 59 and 1/2 there is no additional 10% early retirement penalty.

...

The only thing that might surprise is this pushing some of the income (the distribution/withdrawal is simply added to your other taxable income for the ax year withdrawn) into a higher tax bracket... and possibly make more of your Social Security taxable.

...

One thing you might want to consider, to alleviate some of that (if it applies) is pulling some in 2017 and the remainder in 2018.

...

But yes, this is simply added to any other taxable income for the year.

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Customer reply replied 5 months ago
Super! Thanks very much! Phil Johnson Sr

You're very welcome Phil ... Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …is thanks enough!

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Thank you,

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,209
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Lane
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