Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I withdrew 51,773.oo out of my Traditional IRA and

Customer Question
reinvested it into my companys...
I withdrew 51,773.oo out of my Traditional IRA and reinvested it into my companys stock.
Could you tell me is this cosidered taxable income ? If I will owe taxes on this amount
how much should I be prepared to pay ? Thank you for your help in this matter . I don't know if this bit of information helps any , but Iam retired and 68 yrs of age.
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 4 minutes by:
12/28/2015
Tax Professional: emc011075, Tax adviser replied 1 year ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,234
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

If you took money OUT of the IRA, the transaction will be treated as regular distribution, subject o income tax. How much tax you will pay will depend on your other income and filing status. Here's what I need to know to estimate your tax liability:

filing status

your other income and how much of it is social security income

do you usually itemize or take standard deduction

Ask Your Own Tax Question
Tax Professional: emc011075, Tax adviser replied 1 year ago

Connie, I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

Ask Your Own Tax Question
Ask emc011075 Your Own Question
emc011075
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,234
3,234 Satisfied Customers
Experience: IRS licensed Enrolled Agent and tax instructor

emc011075 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Suppose my taxable income in 220,000 this year and the tax
Suppose my taxable income in 220,000 this year and the tax rate is X up to 200K, but Y for 200and over, do I pay Y on the full 220K or just that above 200K? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Under current law a 100,000 taxable income pays $10,365 plus
Under current law a 100,000 taxable income pays $10,365 plus 25% of the amount exceeding $79,400 i.e. about $16,000. Under tax reform will the tax be $25,000? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Traditional IRA contribution - *Married taxpayers file MFJ
Traditional IRA contribution -*Married taxpayers file MFJ *One spouse covered by retirement plan, one is not *AGI will be over $ 200K for 2017 *Taxpayer that is not covered by retirement plan, contrib… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
727 satisfied customers
If your taxable income is $0 (actually negative) is there a
If your taxable income is $0 (actually negative) is there a penalty for late filing? Do you need to file at all? What is the 2016 filing deadline with an extension?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
I'm 75 and subject to annual RMD's from my traditional IRA.
I'm 75 and subject to annual RMD's from my traditional IRA. In looking a way to shelter the RMD amount if I were to reinvest it, I stumbled on the virtually unlimited IRA to Roth Conversion. My questi… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
727 satisfied customers
RE: FOREIGN TAX CREDIT We're filing a married joint filing
RE: FOREIGN TAX CREDIT We're filing a married joint filing tax return and have come up against some problems on form 1116. 1) Do we add both our names on the form? 2) On line 3a, it asks for certain i… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
Is an inheretance taxable income. What do you want to know?
What do you want to know? My question: is an inheritance a taxable income? … read more
abci168
abci168
Principal
27 satisfied customers
I currently have a SEP IRA & Traditional IRA and I'm
Hi,I currently have a SEP IRA & Traditional IRA and I'm thinking about either adding a Solo 401K or converting both of my current IRA's into a Solo 401K because I like the idea of being able to self d… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If I am about to turn 70 and I have a Traditional IRA and a
Hi Pearl! If I am about to turn 70 and I have a Traditional IRA and a Roth IRA, can I take my RMD's from my Roth as opposed to my Traditional? I know that the Roth doesn't have required RMD's but I wa… read more
abci168
abci168
Principal
27 satisfied customers
I have no taxable income. I am 60 years pf age and a
I have no taxable income. I am 60 years pf age and a caregiver to my special needs daughter. She has a trust fund which pays me to be able to stay home and not work. I also receive SSI for being mothe… read more
emc011075
emc011075
Tax adviser
3,234 satisfied customers
I'm 71 and I want to cash in my traditional IRA of $20,000.
I'm 71 and I want to cash in my traditional IRA of $20,000. It has been sitting there for 20 years and only made $167. How much will the IRS charge for the transaction? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
A friend receives taxable income that he can characterize
A friend receives taxable income that he can characterize EITHER as self-employment or non-SE. If he chooses the SE route, it will increase his Social Security payment, almost immediately as he is on … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
Undistributed taxable income previously taxed. Have 3
Undistributed taxable income previously taxed. Have 3 shareholders with balances due to them from previous years. Can it be paid all in one year to bring their amounts owing to zero until the next pro… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
I am thinking of converting my traditional IRA to a Roth IRA
I am thinking of converting my traditional IRA to a Roth IRA and I am trying to figure out what tax rate is used in the conversion. My ordinary inocme, excluding cap gains and dividends, with be negat… read more
emc011075
emc011075
Tax adviser
3,234 satisfied customers
Would I be able to borrow from my traditional IRA a/c to
Would I be able to borrow from my traditional IRA a/c to purchase a house and repay the amount plus interest within 60 days? Or would the amount withdrawn be subject to Federal Income tax liability?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I need to close my traditional IRA, at what percent to I do
I need to close my traditional IRA, at what percent to I do have the federal and state (GA) tax withheld? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I filed a joint return through TurboTax. My taxable income
I filed a joint return through TurboTax. My taxable income was $87,829. Using the IRS's published tax rate schedule, the tax I owe should be $13,499.25. TurboTax calculated I owe $17,787 (this compare… read more
emc011075
emc011075
Tax adviser
3,234 satisfied customers
We opened a traditional IRA for my wifebefore tax filing
We opened a traditional IRA for my wifebefore tax filing deadline this year and contributed the maximum amount, lowering our taxable income. We are both 68 years old...I'm still working and drawing So… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x