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.
Example: During 2013, you contribute $5,000 to a Roth IRA. You also convert $20,000 from a traditional IRA into your Roth IRA. Of that $20,000, $13,000 was taxable upon the conversion, and $7,000 was not because it came from nondeductible IRA contributions. In 2014, you withdraw $8,000 from your Roth. The first $5,000 is free from tax and penalty because itâs a return of your contributions. The next $3,000 is assumed to come from the taxable portion of your converted amount.