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Can you clarify the dividend income coming from an IRA account. I moved money into a stock that pays quarterly dividends and I planned on paying the penalty because I’m not retired yet, and pulling the dividend as income.
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@:56 Slight disadvantage? Uhmm... not quite. Lets check the math with this example: Age 60, MFJ in 2024 and a $120K traditional IRA distribution with no other income. Taking $29,200 standard deduction, puts you in the 12% bracket with a tax bill = $10,432 since all traditional IRA distributions are taxed at ordinary rates. Now take same scenario except change it to taxable account getting from funds from long term capital gains instead, and no other income. The same $120,000 puts you in the 0% income and 0% cap gains brackets with a tax bill = $0! Why? the cap gain tax bracket for MFJ at 0% is just over $94k after subtracting the standard deduction. If you still think that $10k is a "slight" difference you must have some deep pockets!