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If you liquidate your account prior to reaching age 59 1/2 years all of the earnings will be considered non-qualified and will be subject to taxation.You may liquidate your Roth IRA after you reach age 59 1/2 and all earnings that have remained in the account for at least five years will be completely free of federal income taxes.In invoking this provision, one can assume that the BIR is looking from the viewpoint of the stockholder whereby it has all the characteristic of an outright sale.At the CTA division level, however, the Court clarified that mere distribution of liquidating dividend on account of the dissolution of a corporation is not to be treated as sale for purposes of the imposition of capital gains tax.
**** The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter.
You may begin taking qualified withdrawals from your Roth IRA once you turn 59 1/2 years of age.
Tax consequences for liquidating your Roth IRA are dependent on such factors as your age, the nature of the funds being withdrawn, and the time period the funds have been in the account.
On the part of a liquidating corporation, no tax shall be imposed, as the transfer in liquidation is not treated as a sale.
This pronouncement from the SC is actually anchored on the provision of our tax code.
Funds withdrawn from a traditional IRA will always be taxed as ordinary income while funds withdrawn from a Roth IRA may be free from federal income taxes.