[quote=no_such_reality][quote=flu]
Well, since most of my earnings this year is in an IRA, I guess I don’t need to pay for it, not now at least….Lol….[/quote]
I know you’ve heard of a required minimum distribution.
Have you heard of the Excessive Distribution Minimum Tax?[/quote]
Yes. My relatives are very familiar with this.
The trick is if you do decide to take a sabatical from working in the future, that would be a good time to do a traditional IRA to Roth IRA conversion, when that year your income is low.. No penalty for early withdrawal, though you pay taxes on taking the distribution.
Also, there are 9 ways you can early withdraw from an IRA without penalty… And given my specific situation, at least one of them most likely will apply…
