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I had to take out 11,000 from my ira savings account to

Customer Question
I had to take...

I had to take out 11,000 from my ira savings account to purchase a mobile home for my grandson who is mentally ill I need to know how much will I owe on this money?

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

My grandson is no longer able to live with his mother because his mental health condition makes him become aggressive and abusive he has gotten kicked out of apts ect... this was our only option. I made 50,000 last year but had recently bought myself a home and could not qualify to purchase a mobile home on payments

Submitted: 2 years ago.Category: Tax
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Answered in 19 minutes by:
2/12/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,870
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello

The $11,000 is going to be added to your income for the year. If single your tax liability would be $8,468 for your total income.

How much withholding you had from any other source of course is going to reduce the tax amount. Look at your income statement form the $50k and see if you had federal tax witheld. If you do and it is at least the $8500 you will not have a balance due.

After you view my response, please post below if you need more information BUT if you need no further clarification a positive rating is appreciated.
I know rating takes an additional step and I truly appreciate it when you take the extra time!

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Please respond

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Hi Yevette

The system showed you read my answer you requested but there is no response from you. I am checking to see if you needed to any more information from me.

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