I'm 59 1/2. If I should withdraw money from a traditional IRA, would I have to pay taxes on the amount withdr
Answer:
Yes you would.
More to the point though, you should understand your reasons for withdrawing or NOT withdrawing funds.
Specifically, since the money taken out will be taxed at your normal rate (and NOT charged a penalty tax) you may find it will benefit you to take some of it out (distribution) even if you don't need it, and then invest it in a non-traditional IRA account.
The reason I mention this is that some individuals have encountered unforseen health problems in later years after retiring. Then when they went to withdraw large sums to pay medical bills, they were taxed at the higher rate (unexpectedly).
Perhaps this is way off the topic you wanted answered. I just wanted to give you additional information since you seemed to be considering whether or not to withdraw funds - and I wanted you to be aware of one of the possible consequences of delaying distributions until age 70 1/2.
Yes, assuming that you had no "non-deductable" contributions in the IRA. Being over 59 1/2 means you don't have to pay the 10% penalty but you stil have to pay the tax.
Wayne Z is absolutely right. You should check with your bank/broker/financial advisor, but you might even get penalized for NOT taking money out, depending on how it was funded!
Yes
you do not to pay penalty
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