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I have an IRA in a mutual fund with American Funds and

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I have an IRA...

I have an IRA in a mutual fund with American Funds and another separate account. Withdrew $15,000 and advised to do that with the IRA account. Should I put that back and use other account.? Am retired now by taking that amount out will I have to pay taxes. I don't work and was wondering also if there is a certain amount not to go over so I would have to pay taxes. Hope you understand this

Accountant's Assistant: Have you talked to a tax professional about this?

No I don't know who to call. They are financial and different terms that I do not understand

Accountant's Assistant: Anything else you want the Accountant to know before I connect you?

Probably but I don't remember

Submitted: 21 days ago.Category: Tax
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5/31/2018
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 21 days ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 21 days ago

Q Withdrew $15,000 and advised to do that with the IRA account. Should I put that back and use other account.?

A: You are able to return or "rollover," distributions from an IRA within 60 days from the date of distribution, once a year. If you do not rollover the $15,000 then the $15,000 would be added to your ordinary income and pay taxes at your ordinary income tax bracket.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 21 days ago

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