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I withdrew $35000 from my irA to purchase a mobile home for…

Customer Question
I withdrew $35000 from...

I withdrew $35000 from my irA to purchase a mobile home for $30837

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I withdrew $35000 from my ira to purchase a mobile home for $30837 cash

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Where do I put the purchase price of the mobile home on my tax return? Also I did not have taxes taken out of the ira withdrawal

Submitted: 1 year ago.Category: Tax
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Customer reply replied 1 year ago
I paid cash for the mobile home
Answered in 4 minutes by:
3/21/2017
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,294
Experience: Taxes, Immigration, Labor Relations
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You should receive form 1099R reporting your IRA distribution.
you will need to include the taxable part of your distribution.

1099R - box 1 --> 1040 line 16a

1099R box 2a --> 1040 line 16b

The purchase price is not reported on your tax return.

But if you are below 59 1/2 - that distribution woudl be subject to additional 10% tax

You may exclude $10,000 form that additional tax because proceeds were used to purchase a home.

That exclusion is reported on form 5329

https://www.irs.gov/pub/irs-pdf/f5329.pdf

Let me know if that is your case.

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Customer reply replied 1 year ago
I as m 66
Customer reply replied 1 year ago
Also on social security
Tax Professional: Lev, Tax Advisor replied 1 year ago

And what are your social security benefits?
Any other taxable income?

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Customer reply replied 1 year ago
$17000
No other taxable income
Customer reply replied 1 year ago
Not sure if I should use form 5329
Customer reply replied 1 year ago
What do you think
Tax Professional: Lev, Tax Advisor replied 1 year ago

Based on your age - you woudl not need to worry about additional early distribution tax - and do not need form 5329

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Tax Professional: Lev, Tax Advisor replied 1 year ago

However what you need to know

- that $35,000 distribution will be your taxable income

and out of $17,000 of your social security benefits $12,575 will be added to taxable income

That will result your total federal income tax liability for 2016 $4888 - assuming that you are single.

You do need to file your tax return.

That payment is due by Apr 18, 2017

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Customer reply replied 1 year ago
What if cannot pay the full smount
Tax Professional: Lev, Tax Advisor replied 1 year ago

If you are not able to pay a full amount - I suggest to pay as much as you could before the due date to reduce possible penalties.
Then - you may apply to have an installment payment plan.

Be sure that all required tax returns are filed and your tax liability is fully determined when you apply.

If you're financially unable to pay your tax debt immediately, you can make monthly payments through an installment agreement.

you can apply for an online payment agreement.

https://www.irs.gov/individuals/online-payment-agreement-application

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