Ask the Hammer: Should I Withdraw Money from My Roth IRA or Traditional IRA to Pay Taxes?

Jeffrey Levine, chief planning officer at Buckingham Wealth Partners, discusses in this Retirement Daily video the maximum amount I can withdraw from my Roth IRA?
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I am 61 years young and in 2020 I made an uneducated movement from my traditional IRA into my Roth IRA. 

Now I am facing more or less $40,000 in taxes. I do not have a job at the moment. I am divorced and do not receive any pension or alimony. So, the only way I can pay those taxes is by retrieving the amount from either my traditional IRA or the Roth IRA. From which one is there less economic impact for me? 

That's the question Jeffrey Levine, chief planning officer of Buckingham Wealth Partners, answered in this episode of Ask the Hammer.

Got Questions?

Email AsktheHammer@BuckinghamGroup.com.

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