Say I withdrew less than I contributed to my IRA — IRA withdraw less than contributions made — Are my withdrawals exempt from taxes?
Regarding the circumstance of IRA withdraw less than contributions, you might have distributions from a Roth IRA that are a return of regular contributions. These aren’t subject to tax or penalty no matter when they’re withdrawn. Only distributions allocable to earnings might be subject to tax and the 10% additional tax.
Are Social Security benefits considered taxable income? Learn more about Social Security taxability and how it relates to retirement income at H&R Block.
Learn more about the similarities and differences between a 401K and a traditional IRA with help from the tax experts at H&R Block.
Learn more about rolling your 401K into an IRA with help from the tax experts at H&R Block.
Learn more about the myRA retirement planning account by the U.S Treasury Department from the tax experts at H&R Block.