roth ira income
If I am 60yrs old and have had a Roth Ira more than 5 years, when money is taken out is it considered income and it is required to notify the IRS ?
Thanks,
Frank
If I am 60yrs old and have had a Roth Ira more than 5 years, when money is taken out is it considered income and it is required to notify the IRS ?
Thanks,
Frank
Permalink Submitted by Alan Spross on Mon, 2010-03-15 03:34
Your Roth is fully qualified and all distributions are tax free. You only need to show the distributed amount on line 15a of Form 1040 (nothing on 15b which is the taxable amount).