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Retirement Distribution

Traditional IRA Distributions

Generally, your traditional IRA distributions are taxable, however your distributions may not be taxable if you had a qualified charitable distribution, a one time distribution to fund an HSA, or a rollover to another traditional IRA. For more information see instructions for Form 8606, Nondeductible IRAs at www.irs.gov


Rollovers

Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. However, if you do not rollover the same amount of money you withdrew or you went beyond 60 days to rollover the funds to another account, the distribution is taxable.  Rollover distributions handled by the plan trustee will generally have a   Code G or H in box 7 of Form 1099-R.


Roth Distributions

Distributions from a Roth IRA or a Roth 401(k) are not taxable. If you take a distribution from the account before age 59 1/2 or before the account is less than five years old, you may be required to pay a 10% additional tax on the early distribution amount.


Early Distributions

Distributions from a traditional IRA or from a traditional (non-Roth) retirement account before you are ager 59 1/2 are subject to an additional 10% tax unless you meet an exception.  For more information see instructions for Form 8606, Nondeductible IRAs at www.irs.gov.