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

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I am 61 years old and in 2020 I made an uneducated movement from my traditional IRA to my Roth IRA.

I now face more or less $ 40,000 in taxes. I don’t have a job right now. I am divorced and do not receive any pension or alimony. So the only way I can pay those taxes is by taking the amount either from my traditional IRA or from a Roth IRA. Which one has less economic impact for me?

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

Do you have questions?

Email [email protected]

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