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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15610
Experience:  15years with H & R Block. Divisional leader, Instructor
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My manufactured home cost 75000 and I used my IRA's to

Customer Question

My manufactured home cost 75000 and I used my IRA's to provide the cash. Now what will my taxes be and how can I pay for them . You said 21000 for Federal and 5000 for state. My income tax earnings are 1432 a month or 17184 a year. Do i have to take out
a loan to pay my taxes?
Submitted: 2 years ago.
Category: Tax
Expert:  Robin D. replied 2 years ago.
First, the wages you have, you do have taxes withheld correct? Those would reduce your balance due. Any taxes that may have been withheld from the IRA distribution too will lower your tax amount to pay.On the chance you did not have any withholding at all, you can request to pay the tax due when you file over time. This is called an Installment Agreement.