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Does The 10 % premature withdraw penalty for IRA apply to
Does The 10 % premature withdraw penalty for IRA apply to the contribution i made or included the capital gain from that account ?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have $30,000 in a traditional IRA... I contributed $22,000
Hi Barbara,I have $30,000 in a traditional IRA...I contributed $22,000 in 2007 to start it...I want to turn that into cash now, to help pay off an investment property.I know I would pay a 10% penalty … read more
Lev
Lev
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I overcontributed to a traditional IRA account in 2016. IRS
I overcontributed to a traditional IRA account in 2016. IRS says it was an early distribution and says I should be taxed on that withdrawal amount. I took it out before the tax deadline in 2017. Shoul… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Regarding 60 day rollovers to Sep IRA...let's say I withdraw
Regarding 60 day rollovers to Sep IRA...let's say I withdraw $20,000 on June 1, 2018 and on July 28th, 2018 I put $15,000 back into the same account (ie: rolled over within 60 days) the custodian woul… read more
James Daloisio
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If you have a traditional IRA and are withdrawing less than
If you have a traditional IRA and are withdrawing less than the amount you originally put in, and you only have an earned income of 7K (no other income from assets, just soc sec) Then do you have to p… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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an individual has an account with Fidelity. Here is a summary
an individual has an account with Fidelity. Here is a summary of the account balance: Additional Pre-Tax 130,230.13 Co. Contribution & match 29,633020 Addtional After-tax 22,335.09 litigation proceeds… read more
R. Klein, EA
R. Klein, EA
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I withdrew money from an investment account and used it to
I withdrew money from an investment account and used it to purchase a home. Do I need to claim this as income and pay tax on it… read more
Tax.appeal.168
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On a $15,000 Roth IRA fund, what would the penalty for an early
On a $15,000 Roth IRA fund, what would the penalty for an early withdrawl in the State of California. This fund was set up by my parents when I was a child. Could you please calculate the Federal and … read more
William Ellis, CPA
William Ellis, CPA
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I recently went from being fully employed to only working 2-5
I recently went from being fully employed to only working 2-5 days a month, following a move for my husband's job. I decided to go into business for myself, which is proving to be very expensive, but … read more
Lev
Lev
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I took $10,000 from my Roth IRA to replace the well at my paid
I took $10,000 from my Roth IRA to replace the well at my paid for home, which is also where my business is, in a separate building. I contributed $0 for the past 10 years. I make $80K. How much is th… read more
ShawnA
ShawnA
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IRA Distribution. I am 50 years of age. I opened a traditional
IRA Distribution. I am 50 years of age. I opened a traditional IRA in 2006. I contributed the maximum amount for 2006, 2007 and 2008. All of the contributions were non-deductable after tax dollars. Th… read more
Robin D.
Robin D.
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Wife and I are both recently unemployed now with zero income.
Wife and I are both recently unemployed now with zero income. I cashed out my IRA in '09 just to pay the bills and survive. Will we still have to pay huge taxes on this withdrawal? Without this distri… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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Bill I read your answer about depending on your income level,
Bill I read your answer about "depending on your income level, etc, you may not owe any or that much taxes on your IRA withdraw" I am in a real jam, unemployed for long time now, single, just myself a… read more
Bill
Bill
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I live in Denver Colorado and currently own a couple of IRAs
I live in Denver Colorado and currently own a couple of IRAs and some stocks. Everything is managed by Smith Barney. I am interested in closing out all of my accounts, collecting the money, and persui… read more
Merlo
Merlo
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I recently made 2 early withdrawals from a Roth IRA. The first
I recently made 2 early withdrawals from a Roth IRA. The first withdrawal was for $5,000 and the second was for $2,000. I requested that 10% be deducted for each withdrawal by Fidelity for Federal inc… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
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withdrawn around $15,000 this year from IRA to supplement retirement
withdrawn around $15,000 this year from IRA to supplement retirement income. will this be included as income and taxed?… read more
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How much of a roth IRA is taxable if you take a ...
How much of a roth IRA is taxable if you take a distribution before 59 1/2. It was converted from a traditional IRA in 1998… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
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I have a roth ira and may need to cash it out early.
I have a roth ira and may need to cash it out early. It's value is ~$11,000. I have not added to it recently. I was wondering what my tax hit would be?… read more
Christopher Phelps
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