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If a person withdraws $20,000 from an investment account and…

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If a person withdraws...

If a person withdraws $20,000 from an investment account and it's the only source of income, is there a tax to pay?

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Submitted: 20 days ago.Category: Tax
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Answered in 5 minutes by:
3/30/2018
Tax Professional: Richard, Tax Attorney replied 20 days ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,559
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Tax Professional: Richard, Tax Attorney replied 20 days ago

Good afternoon. Is this a retirement account of some sort? And, is this simply a withdrawal of money the person put in the account? Or, were stocks sold to there was money to distribute? If stocks were sold, what was the purchase price of the stocks and when were they purchased? Thanks.

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Customer reply replied 20 days ago
stocks were sold
Tax Professional: Richard, Tax Attorney replied 20 days ago

What was the purchase price of the stock and when were they purchased? Also, what's your filing status...single, married filing jointly, head of household, married filing separately?

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