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 These aren’t subject to tax or penalty no matter when they’re withdrawn.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.
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Have you ever thought about investing in a Cayman Islands tax haven? Before opening an account, or making adjustments to an already existing account, review these tax tips.