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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6238
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I WITHDREW WHAT WAS LEFT OF MY 401 K IN 2011 AND BOUGHT PRECIOUS

Customer Question

I WITHDREW WHAT WAS LEFT OF MY 401 K IN 2011 AND BOUGHT PRECIOUS METALS WITH THE MONEY .I AM 74 YEARS OLD .HOW DO I LESSEN MY TAXES THAT I OWE THIS YEAR ?
Submitted: 4 years ago.
Category: Tax
Expert:  Stephen G. replied 4 years ago.

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

It is kind of late to try to lessen your taxes for 2011 now, in 2012. Anything you do now will relate to 2011.

JACUSTOMER-ho5r6y2r- :

THAT IS NOT GOING TO HELP ME .ANY OTHER IDEAS?

Stephen E. Grizey :

It is difficult to come up with anything out of thin air; can you tell me a little more about your situation, for example your total other income; amount of the gain; filing status;

JACUSTOMER-ho5r6y2r- :

I HAVE TOTAL INCOME OF ABOUT 35000 .I WITHDREW 46000 LAST YEAR .I CLAIM MYSELF &WIFE .

Stephen E. Grizey :

Sorry, better go back to praying; as I said there's not much you can do after the fact; normally, we wouldn't have advised you to liquidate everything in the same tax year, nor would we recommend that you invest the proceeds all at once in the same investment group of assets or industry;

Stephen E. Grizey :

As you say that's not going to help you now............I'm afraid there simply isn't anything you can do at this point for 2011.

JACUSTOMER-ho5r6y2r- :

SINCE YOU COUDNT HELP ME DO I STILL HAVE TO PAY FOR YOUR SERVICE?

Stephen E. Grizey :

You never have to pay if you aren't satisfied with our response; the help you received is knowing that you aren't missing something to offset the taxes you incurred; believe me, I wish there were an answer to your dilemma;