Over the years, the Castle has been home to the Smithsonian Institution Archives and the Woodrow Wilson International Center for Scholars. Today, the Castle houses the Institution's administrative offices and the Smithsonian Information Center.
Withdrawals made after age 59 and 1/2 are normal retirement withdrawals and are not taxed. You paid tax on that income when you first contributed to the Roth IRA. If the withdrawal is made before age 59 and 1/2 and is only up to the amount that has been contributed to the Roth IRA then no income tax is charged. Withdrawals of contributions are tax-free.
Whenever you take money from a traditional IRA, you have to pay taxes at your ordinary, or marginal, income tax rate. If you withdraw money from your traditional IRA before you reach age 59 1/2, you must pay an additional 10 percent penalty on the amount.You must also pay income tax and penalties on distributions of earnings you take before age 59 1/2 from a Roth that has not been open for at least five years.Calculating the tax liability before you make the withdrawal is good practice.ou must also pay income tax and penalties on distributions of earnings you take before age 59 1/2 from a Roth that has not been open for at least five years.