We are now starting to withdraw from our retirement funds. I did a 401k rollover to an IRA some years ago, and also have a traditional (non-roth) IRA.
My question is if we withdraw only from the rollover, does that automatically calculate against my IRA contributions for tax purposes?
I know the withdrawal is fully taxable, but if possible, I prefer it not count against my IRA contributions to make part nontaxable because it makes more sense to use that when we hit RMD.
What am I missing?
My question is if we withdraw only from the rollover, does that automatically calculate against my IRA contributions for tax purposes?
I know the withdrawal is fully taxable, but if possible, I prefer it not count against my IRA contributions to make part nontaxable because it makes more sense to use that when we hit RMD.
What am I missing?