When I start withdrawing from my IRA, how will I compute federal taxes owed?

[Anonymous]

When I start withdrawing from my Fidelity IRA mutual fund account in a few years, I understand I have to pay taxes on 1) the income that was deferred, and 2) any gains. How will I compute these taxes in practice?

[Anonymous]

I posted the aargh post a few days ago and have since found this online resource which looks really helpful:

http://www.wallstreetinstructors.com/ce/continuing_education/ira/id69.htm

Also, if your IRA assets are all at Fidelity, and haven't been moved around alot, the reps there should be able to help you.

[Anonymous]

That's helpful. It's very simple. Pay taxes on amounts withdrawn, period. Thanks.

[Anonymous]

Anonymous wrote:That's helpful. It's very simple. Pay taxes on amounts withdrawn, period. Thanks.

Sure. So I presume your contributions were all deductible?