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I want to withdraw my entire IRA to buy a home how much

Customer Question
I want to withdraw...

I want to withdraw my entire IRA to buy a home how much taxes would I have to pay

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

I have 356,000. Dollars in an IRA If I withdraw all of it what will be my taxes I am 80 years old

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

I HAVE a pension of 65,000 dollars a year plus social security and a TDA worth 175,000 dollars and a dependent I support

Submitted: 4 months ago.Category: Tax
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3/13/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,183
Experience: 15years with H & R Block. Divisional leader, Instructor
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago

If you remove the full $365000 it will be added to your other income. I estimate your tax could be around $120,000

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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