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    Many times I tried to convince her to share her fantasies with me, or at least try do something different than the regular twice-a-month sex that we ended-up with....

    Tax consequences of liquidating an ira

    This is because the IRS rules state that if you have income in addition to your Social Security benefits, you add half the Social Security benefits to your other income.

    In this example, you are still under the IRS federal tax limit.

    No matter what you do with your IRA money, when it is withdrawn from the account it is taxable income. When you're over age 59½, you can withdraw IRA funds without being subject to an additional 10 percent penalty.

    If you're under age 59½ when the withdrawal occurs, there are certain exceptions that avoid the 10 percent penalty, but the withdrawal is always subject to income tax.

    Ideally, if you need to make a withdrawal from an IRA, the objective is to withdraw as little as possible to minimize your tax consequences.

    Also, bear in mind that IRA withdrawals increase your adjusted gross income, or AGI, which cause increased taxation of Social Security benefits. For example, if you had ,000 in IRA withdrawals and ,000 in Social Security benefits, none of your benefits would be taxable and you would owe no income tax.

    One wrong decision with the inherited account can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.But be sure to review the exceptions to the 10 percent penalty (as detailed below) since your specific situation and use for the money may exempt you from being subject to the penalty.No Penalty Exceptions: Simplified Employee Pension (SEP-IRA) The exceptions to the 10 percent IRS penalty rule are if the withdrawal was: 1.And indeed, when designing retirement income plans involving multiple sources of income, many advisors recommend saving Roth withdrawals for last.Conventional wisdom calls for withdrawing from taxable accounts first, tax-deferred accounts next, and tax-free accounts such as the Roth IRA last.

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