After Age 70.5

Is there apenalty for not taking a withdrawl from a tax free account such as an IRA after reaching age 70.5?

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Annuity Withdrawal

If an annuity withdrawal (from interest earned) when added to other income is less than amount requiring tax payment from 1040 form, is tax payment still due?

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Early Retirement

by David
(Canal Winchester, OH)

I am considering early retirement at age 54. Can I withdraw from my IRA as much as I need to live on if I pay 10% penalties and regular taxes each year till I reach 59 1/2 ? Also do I have to pay tax on this money to local city and school since it isn't earned income?

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Early Retirement Question

by Steve
(Marietta, GA)

I was recently let go by my company after 30 years of service and I will start collecting my pension (a monthly lifetime annuity). Since I am only 52 - is this monthly payment subject to the 10% tax penalty like a lump sum distribution would be - or is it just subject to ordinary income tax ? Thanks!

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Optional Retirement Plan

Can I deduct my contributions to a TIAA-CREF optional retirement plan from my taxes?

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Recent Retirees

Both my husband and I are retired, he receives social security and a pension, I just receive a pension. We have no taxes deducted from our pensions. Should we? Is this income taxable?

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Retirement Minimum Distribution

by Gene
(Emporia, KS)

Currently, I am working half time and my employer is contributing to my retirement program. I am not withdrawing from the retirement fund. In the near future I plan to drop to 1/4 time with the same employer and the employer will cease to contribute to the fund. I will be 72 years old when the change to 1/4th time happens. Will I be required to withdraw the minimum distribution amount, or will I not be required to since I will be on the employer's payroll even though only 1/4th time?

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