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IRA distribution taxes: Original post by Mark Kennan of Demand Media Individual retirement accounts (IRAs) help you to save for retirement. As long as you keep the money in the IRA, you incur no income tax liability. When you take distributions from a traditional IRA, you must report that money as taxable income, which adds to your income taxes due. In addition, if you are not 59 1/2, you owe an extra income tax penalty,…

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