North Carolina Income Tax Videos. From paying a ridiculous amount of our income to taxes to writing contracts and getting c... Kara King Bess of King, King and Associates answers a variety of tax-related questions. In this video we talk about what to expect for Uber tax filing.
You do not have to take any money out of a Roth IRA. Once a Roth account is five years old and you are 59 1/2, Roth withdrawals are not taxable, so there is no reason for the IRS to require distributions.f itâs a traditional IRA, you must start withdrawing a required minimum amount each year starting the year you reach age 70 1/2. Required minimum distributions are also mandatory for Simplified Employee Pension IRAs and Savings Incentive Match Plan for Employee IRAs.
This makes adding as much as you can to your existing Roth IRA a very good retirement savings strategy even though you cannot deduct contributions. You must wait until you are at least age 59 1/2 and the Roth IRA is five years old before you start withdrawing investment earnings.ontributions. The Internal Revenue Service permits you to add up to $5,000 annually to an existing Roth IRA. If you have a traditional IRA and Roth IRA accounts, your combined contribution to all accounts is limited to $5,000.