Over the years, the Castle has been home to the Smithsonian Institution Archives and the Woodrow Wilson International Center for Scholars. Today, the Castle houses the Institution's administrative offices and the Smithsonian Information Center.
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.
A Roth IRA is not tax deductible when you make the contribution. That means you cannot subtract the amount you contribute from your tax return. In exchange, you can withdraw the amount tax-free when you reach 59 1/2-years-old. You also get to take out your earnings tax free.ince you were able to deduct the amount of the traditional IRA from your taxes the year you contributed, you now have to pay the taxes on the amount when you convert it to a Roth IRA. Report the amount on line 15b of the 1040.