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I have a large non-refundable tax credit that is not

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I have a large non-refundable...
I have a large non-refundable tax credit for 2015 that is not refundable for adopting 3 children. Can I still make a withdraw now from my IRA and have it count towards my 2015 income in order to take advantage of this credit?
Submitted: 1 year ago.Category: Tax
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Answered in 6 minutes by:
3/14/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,876
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

While it is true that a taxpayer is given to April 2016 to make a contribution to an IRA and have it count as a 2015 contributions, withdrawals are not extended into the next year.

In other words, unless you make a withdrawal by Dec 31 of 2015 then you cannot count a distribution from your IRA as happening in 2015.

I hope you realize I am only telling you the rules and sincerely ***** ***** you hoped for was true.

I know rating takes an additional step and I truly appreciate it when you take the extra time!

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Category: Tax
Satisfied Customers: 15,876
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Experience: 15years with H & R Block. Divisional leader, Instructor

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