Facts of the Month

Withdrawals from Retirement Accounts

ALERT: Because of the economic downturn many families have taken money out of retirement accounts. If the money you have taken out of your retirement account is included in your adjusted gross income it is taxed. Don’t make the mistake we have seen many families make and report the amount of that withdrawal as untaxed income. You don’t want it counted twice!

Publication Date: March 2011

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