I am not 59 or using it for medical bills or a house or the other things they list so i assume i have to pay he tax on ONLY my gains?....so if i am in whatever tax bracket....lets say 25 percent.....does that mean literally i pay 25 percent tax on it?.....i know thats probably a stupid question but......
Yes, that is correct. Plus state income tax, etc.
Originally Posted by sudsy9977
My other thought is.....lets say I didn't tpake any money out and aim supposed to get back a thousand dollars on my taxes......lets say with my Ira i wind up having to pay a thousand in tax.....does that mean i am at 0 and don't have to pay anything ?.....Ryan
Correct. If you overpaid $1k, then owed $1k for the withdrawl, it would balance out to 0.