Question

Say I withdrew less than I contributed to my IRA — IRA withdraw less than contributions made — Are my withdrawals exempt from taxes?

Answer

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 These aren’t subject to tax or penalty no matter when they’re withdrawn.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.

Related Topics

Related Resources

I have a question about how to file business taxes with no income — Is filing business taxes with no income necessary?

If your business had no income this year should you still file a tax return? Learn more from the tax experts at H&R Block.

Home Sale Exclusion

Learn more about taxes on selling a home and exclusion rules with the tax experts at H&R Block.

How do I report gambling winnings and deduct gambling losses?

What is the process for reporting winnings from online gambling? Learn more from the tax experts at H&R Block

I have a question about stock sales taxes. How do I report sales of stocks from a 1099-B tax form?

Need to know how to report the sales of stock on your taxes? Learn more from the tax experts at H&R Block.