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I'm looking at retirement sometime this year. My question
I'm looking at retirement sometime this year. My question is, if I take my Lump sum pension of $600.000 and purchase a house so I have no mortgage payments how big of a hit would I take in taxes for t… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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A taxpayer has an HSA in which he has 13,000. He funded the
A taxpayer has an HSA in which he has 13,000. He funded the 13,000 with after tax dollars & therefore deducted the contributions on his Form 1040. He turned 65 in November of 2017 and therefore can no… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I was told by a friend that I could payoff my primary
Good afternoon. I was told by a friend that I could payoff my primary residence mortgage by using funds from my I.R.A and that I would not be taxed on this amount. Is this true? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,178 satisfied customers
I made $41K this year and had proper taxes taken out...and I
I made $41K this year and had proper taxes taken out...and I claimed 0. I also received money from the death of my mom (cd's, etc) totaling approximately $15K..some was taxed..some not. I withdrew an … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I am 52 yrs old and have been collecting disability thru MetLife
I am 52 yrs old and have been collecting disability thru MetLife (I'm a teacher) for ten years because I have ms and degenerative disc disease ( I had spinal fusion surgery 09/2010. I want to withdraw… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I have about $13,000 in my pension at my company (its no longer
I have about $13,000 in my pension at my company (it's no longer growing/has been frozen since June 2010) and would like to use it to pay off my graduate school debt that I now owe my company for leav… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
My wife, age 87, has parkinson disease and suffers lymphedema.
My wife, age 87, has parkinson disease and suffers lymphedema. We employ a care giver (who is an employee of a Health Care Service), ten hours a day, to assist her with her exercises related to her ly… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
I have a $103,000 IRA on a CD that matures Jan. 2012. I am
I have a $103,000 IRA on a CD that matures Jan. 2012. I am 73 years old and would like to close the IRA and invest the money in a $100,000 life insurance. How much would I have to pay in taxes if I wi… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
I recently lost my job but I will be getting a severance for
I recently lost my job but I will be getting a severance for 32 weeks. I have also found another job so will be getting additional income from that. I have a 401K loan for about $20K that will be fore… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
Can you pull money out of your company pension plan to pay
Can you pull money out of your company pension plan to pay for services with a special needs child with autism?(private schooling, tutoring, occupational therapy).… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
I am a disabled 100% Veteran 58 yrs old, married filing separetly.
I am a disabled 100% Veteran 58 yrs old, married filing separetly. Are the nay credidits or write offs available to me for my 401k losses of 2007? sinc I am disabled am i liable for any taxes or penal… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I have a question on IRA lump-sum distribution and US taxes
I have a question on IRA lump-sum distribution and US taxes on it. I worked in US and moved to India last year. My current status is non-resident alien (I dont meet the substantial presence test). I g… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
if i recieve monies from my pension i have parkinsons and
if i recieve monies from my pension i have parkinson's and i also recieve money from my disability insurance. my question is one do i have to pay a penalty for early withdraw. and two do i have to dec… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
Retirement plan rollover to IRA, can I draw it out without
Retirement plan rollover to IRA, can I draw it out without paying 20% tax. I am disabled and want to include the "capital gain" in My Tax return. I have a limited lifespan due to serious illness, no h… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
968 satisfied customers
I withdrew approximately $78,000 from my retirement plan.
I withdrew approximately $78,000 from my retirement plan. How do I declare this distribution on my federal income tax form?… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
I am on disability and received $16,224. from Soc.Sec
I am on disability and received $16,224. from Soc.Sec in 2006 as income. I also withdrew $13,000.00 out of my IRA account. I paid no taxes on any of it. I am married, but plan to file separate tax ret… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
401k early withdrawal exemption - spouse disability/medical expenses
My wife was awarded SS Disability in 2005. She had not been able to work for several years. Disability was eff. back to sometime in 2003 ($2157), 2004 ($8,808) and $9,048 total in 2005. We had $10,539… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
Hardship withrawls from a retirement account, are they ...
Hardship withrawls from a retirement account, are they deductable? Optional Information: Mukwonago, Wisconsin Already Tried: nothing… read more
R. Greg Paszkiewicz
R. Greg Paszkiewicz
Accountant
Bachelor Degree
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