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I have IRA with about $,000 in it. I have an S corporation…

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I have IRA with...

I have IRA with about $69,000 in it. I have an S corporation that lost over $70,000 and had additional expenses in 2017. Can I take the money from the IRA and write off the taxes with the loses in the corporation? Avoiding the taxes on the IRA money.

Submitted: 2 months ago.Category: Tax
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Answered in 5 minutes by:
12/21/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,760
Experience: 15years with H & R Block. Divisional leader, Instructor
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago

The distribution form the IRA and the losses in the S corp are separate but if your K1 shows a loss then that may reduce your income on your personal return which would reduce the taxable income for you (including the IRA).

Your being able to reduce the IRA distribution to $0 really depends on the amount of loss that is passed to you from the S corp on your K1.

You cannot directly reduce the IRA distribution but perhaps the loss on your K1 will assist.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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

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