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I have an IRA. I was planning on leaving most of it to my…

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I have an IRA...

I have an IRA. I was planning on leaving most of it to my sons.Do I get penalized if I draw from it. I'm on Social Security now.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I am 66 years old and used to be on disability. I cannot work due to Undiagnosed psycosis.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I don't think so.

Submitted: 6 months ago.Category: Tax
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Answered in 3 minutes by:
12/5/2017
Tax Professional: Lev, Tax Advisor replied 6 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,978
Experience: Taxes, Immigration, Labor Relations
Verified

That is your choice.

At age 66 - you may start distributions from IRA account OR you may keep funds growing.

You will include distributions into your taxable income - so - do not make large distribution and avoid large tax liability.

There is NO penalty - but there might be regular income taxes.

.

After you turn 70 1/2 - you will be required to take annual distributions - that is called RMD - required minimum distributions.

Let me know if you need any help with planing your distributions to minimize tax liability.

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