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 These aren’t subject to tax or penalty no matter when they’re withdrawn.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.
Lean how opening an IRA can help reduce your tax burden with advice from the tax experts at H&R Block.
Finding your taxable income is an important part of filing taxes. Learn how to calculate your taxable income with help from the experts at H&R Block.
How should you report business income or a loss? Learn more about self-employment income, hobby loss rules and other tax issues at H&R Block.
Learn more about reporting a 401K rollover with tips from the tax experts at H&R Block.