Sign welcoming visitors to the town of Duncan, on Vancouver Island, British Columbia. Duncan (pop. 4,932) is a city on southern Vancouver Island in British Columbia, Canada. It is the smallest city by area (2.07 square kilometres, 0.8 square miles) in the nation.he Coast Salish men and women of the Cowichan Tribes are makers of the world famous Cowichan Sweaters. Duncan is home to the BC Forest Discovery Centre. Before the CanadaâUnited States softwood lumber dispute, Duncan and the whole Cowichan Valley were a thriving lumber centre in British Columbia.
Withdrawals made after age 59 and 1/2 are normal retirement withdrawals and are not taxed. You paid tax on that income when you first contributed to the Roth IRA. If the withdrawal is made before age 59 and 1/2 and is only up to the amount that has been contributed to the Roth IRA then no income tax is charged. Withdrawals of contributions are tax-free.
An IRA disbursement must always be reported as income on your tax return, but it won't always be taxable. The taxability depends on whether your taking disbursements from a Roth or traditional IRA and whether you're taking qualified or nonqualified distributions.