In 2003 H & R block recorded on form 8606 that I have accumulated $10,500 in non deductible IRA traditional funds. I’m retired and age 69 (70 next month in January). I had many different traditional IRA’s and combined them into one big one at one bank. If I now withdraw $10,500 and either convert or make a distribution in that amount or less, whichever is better, will it be considered taxable income? I’m in the 24% bracket in NY. Also, can a withdrawal from a 403B count towards the $10,500? The money is locked in a CD until I’m 71. Should I use this towards RMD’s? If so, how does that work? How does this withdrawal work so that I don’t get taxed twice. It’s very confusing.
1 Answer from Attorneys
You’d be better off speaking with a tax preparer or a financial planner face-to-face. The reason is that some of the items you write indicate you’re not exactly clear about your investments.
good luck.
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