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What Are the Tax Implications of taking money out of a retirement

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estate Account to start a...
What Are the Tax Implications of taking money out of a retirement estate Account to start a small law firm. Would it be better to use the money as tuition?
Submitted: 6 years ago.Category: Tax
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Answered in 27 minutes by:
12/2/2010
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,806
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good afternoon. It really doesn't make any difference...either way you will pay income tax on the withdrawal and if you are under 59 1/2, you will also have a 10% early withdrawal penalty.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,806
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