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In Reply to: Thanks for the brief education, but posted by srdavis2000 on May 7, 2021 at 12:23:34:
Again There is NO Tax on a Taxable Account balance. Possibly only the earnings on that account.
A Taxable Account could be like a Savings Account at your Bank... Say you've got $50 Grand in it. You withdraw $5 Grand from it and spend it. It is neither reported on your Income Tax form or is there any Tax due on it.
A qualified withdrawal from a Roth Account has NO Tax due on it either.
BTW - Since I am not 72 yet, I have not had to Withdraw any amount from my IRA Yet.
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- RE: Thanks for the brief education, but - Cut-Throat 05/7/2112:48:40 05/7/21 (0)