Tax Q

This is one in a series of tax questions from readers answered by local members of the California Society of Certified Public Accountants.

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Q: My questions about IRA withdrawals seem basic and simple to me, but the IRS publications don’t seem to address them. I am 68 years old and retired. My IRA is an account with Schwab. I took a 6% withdrawal from my IRA in December 1999. Can I take another withdrawal at any time I choose during 2000? Once I hit that magic age of 70 1/2, do my withdrawals have to occur at the same time (during the same month) each year? Finally, if I return to work, can I still contribute to my IRA?

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A: You may withdraw any amount at any time in 2000; there is no maximum limit and, given your age, there are no penalties for withdrawals. Once you reach 70 1/2, however, you must withdraw a minimum amount from your IRA based on IRS life expectancy tables. Schwab can assist you in determining which table to use. You may draw the funds at any time during the year, in any amounts, as long as you withdraw the minimum by Dec. 31. You may make contributions to your IRA account as long as you have earned income and are not age 70 1/2 or older during the tax year.

--Larry Levine, CPA, Beverly Hills

Questions and answers will also be posted on The Times’ Web site at https://www.latimes.com/taxes.