Do I Pay Tax On My Ira Withdrawal After Age 60?

I've just made a lump sum withdrawal from my IRA.  It's considered to be a distribution.  Please see www.irs.gov .  Look up "Forms and Publications".  Find the instructions for the 2007 Form 1040, got to pages 21 ans 22.  If you made non-deductible contributions to your IRA over the years, it's possible there could be no tax on the withdrawal.  You should have a copy of your last Form 8606 (Non-Taxable IRA Contributions) which will show your total basis of non-taxable contributions over the years.  With that you will be able to compute what part of the $10,000, if any, will be taxable. 

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Depends on what type IRA. (Traditional or Roth)
 
For traditional, I believe the financial institution holds about 20% for taxes.
 
I am not an expert on this, obviously.
 
If you google "taxes on IRAs", you will get alot of sites to review on the issue.

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