You have to pay taxes on retirement withdrawals, but a 10% penalty applies in some cases.
The rules are tricky when it's time to take money out of your 401(k) and IRA.
You won't owe taxes if you pay fees from your IRA. In fact, there may be other tax breaks.
For lower-income filers, money put away for retirement could cut today's tax bill.
Whether an IRA is the best tax move depends on your financial situation.