Q: Do I have to pay a fee/tax on a withdrawel from my IRA? I'll be "60" in a few months.
A: In a traditional IRA tax is not paid on money put, but must be paid on money taken out. In additions, under some circumstance there is a penalty to be paid when money is taken out.
A: Once you reach age of 59 ½, you should be able to start taking your IRA without premature distribution. Call the custodian of the IRA and they should assist you. Good luck. Zaher Fallahi, Tax Attorney, CPA.
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