New non-retirement accounts after retirement

[Still Learning]

5 years retired and will start RMDs in 2030. Shifted cash to new non-retirement account December 2022. Looking to shut down withdrawals from our retirement accounts until 2030 and let them grow faster. Any interest earned on non-retirement accounts need to be included as part of adjusted taxable income on tax returns.


My question is: "Are withdrawals from non-retirement accounts not taxed again since all interest on the non-retirement accounts is already being taxed on annual tax returns?"

 

[disneysteve]

No, the money isn't taxed again. In a taxable account, you pay on the annual earnings whether you take it out or not. You do not pay again when you do take it out.

 

[disneysteve]

This assumes you're talking about a cash account like a savings account or money market or CDs. If you mean an investment account where you are buying stocks or mutual funds or ETFs, there could be capital gains taxes when you sell the investments if they've grown in value since you bought them.

 

[gauss]

You would pay tax on any "growth" in a nonretirement account -- be it interest paid, dividends paid, capital appreciation (upon sale) etc.

-gauss