How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29569
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I cashed in $12,000 in 401k and IRA money. Im 68 years old.

This answer was rated:

I cashed in $12,000 in 401k and IRA money. I'm 68 years old. I paid for a new roof on our home. It was absolutely necessary to do this. Can I get a tax credit on this?

Th e money in your IRA account - are your money and you may take a distribution any time you want regardless of the reason.

However - you need to consider that the distribution will be added to your taxable income and might be taxed based on your total income, filing status, deductions, etc.

You also should be aware that additional taxable income might affect the taxability of your social security income.


It is recommended not to take a large distribution in one single year - to avoid possible higher tax bracket - but there is no any limit or penalty for you if you decide to take a distribution.

The value of a new roof should be added to the basis of your house and will reduce the capital gain at the time you sell the property.


There is a tax credit for installing Metal Roofs, Asphalt Roofs

Tax Credit Specification - All ENERGY STAR qualified metal and reflective asphalt shingles. You may deduct 30% of cost, up to $1,500.

Installation or labor costs are not eligible for the 30% tax credit. Roof coatings are NOT eligible for the tax credit.

There are several Metal and Shingle roofs listed on the ENERGY STAR qualified product list (look in the "Type" column) -


Let me know if you need any help.


Lev and other Tax Specialists are ready to help you