Quote:
Originally Posted by jazz4cash
It would help to understand why you want to contribute and withdraw to a traditional IRA in the same year. Assuming you have earned income to qualify for a contribution, it seems like withdrawing a lesser amount would equate to making a contribution.
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I retired 10 years ago and no longer contribute.
We need to pull from retirement for living expenses now.
My 401k was a pretax contribution. I know I pay taxes on that. Now we are in a lower tax bracket, but will be in a higher bracket come RMD at age 70. The 401k was rolled into a separate IRA. Seems I should be able to pull from that and pay taxes on all that, instead of it calculating that not all is taxable because it assumes that my IRA contributions were used to fund that. My 401k rollover is a separate IRA from the IRA I made contributions to.