Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

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

Customer Question
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: 7 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
12/21/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,354
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 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.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

Just checking back

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,354
18,354 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

18,354 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I have a few questions is there someone I can call? I have a
I have a few questions is there someone I can call? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My builder defrauded us while we were building our home and
My builder defrauded us while we were building our home and took over $100,00 out of our bank account by forging my signature on the withdraw document and split with the money. I tried to file a robbe… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Ok.... JA: The Accountant will know how to help. Please tell
in 2015, I loss my job, and ended up putting money into an IRA....since I loss my job ...I took $64,000 from the $94,000 rolled from my pension into an IRA … read more
Angie
Angie
Bookkeeper
55 satisfied customers
I am a returning college student transferring to a college
I am a returning college student transferring to a college upstate, to finish my degree. In order to afford the cost of moving, I have to withdraw my 401k. I read that being a student can help you avo… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
I have a 401k account with approx 31,000 in it, my employer
I have a 401k account with approx 31,000 in it, my employer sold the business and I am now currently unemployed. I am wanting to attend school and use the money for that. I know that I will be penaliz… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Voluntary dissolution of C corp, no cash, no assets no loans
Voluntary dissolution of C corp, no cash, no assets no loans has -70,000 of retained earnings, where do I put the negative retained earnings on M-2 to get the BS to 0.00. Thanks… read more
TaxWhisperer
TaxWhisperer
Principal
Master's Degree
24 satisfied customers
ok its a beaut. I set up a company in 2005, registered as
ok it's a beaut. I set up a company in 2005, registered as sub chapter s, got EIN etc. I was sole shareholder. I lost money each year through 2007. It was a active business, retail, furniture, fixture… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I had a 401k and rolled it into a traditional ira when I left
I had a 401k and rolled it into a traditional ira when I left the company. I then lost a good amount of money on a bad investment and lost my taste for the market, so I cashed it out way before the ag… read more
geedubya55
geedubya55
Owner
Bachelor
187 satisfied customers
Can I take a 100 percent write off for my business on a used
Can I take a 100 percent write off for my business on a used SUV with a gross pay load of 6000lbs. or does it have to be a new SUV?… read more
geedubya55
geedubya55
Owner
Bachelor
187 satisfied customers
I would like to know the tax implications of purchasing another
I would like to know the tax implications of purchasing another business. We currently have a S Corporation business and might want to purchase another business. Following are my specific questions: 1… read more
socrateaser
socrateaser
1,031 satisfied customers
I am A doctor but employed , files W2 each year I want to
I am A doctor but employed , files W2 each year I want to buy an EMG and EEG machines 20.000 -100.000$ from my pocket as employer will not pay for it , can I claim it as expenses on my tax return or I… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
We had a failed restaurant attempt from the years of 2003-06.
We had a failed restaurant attempt from the years of 2003-06. It never opened, but all the money going into the improvement of the rental location, and start up costs were lost. My husband never claim… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am doing my taes for 2002, 2003, 2004. I have $40,000 capital gains in 2002 and 2003.
Can I spread my capital loses form 2002 evenly over 2002 and 2003? In other words on my w-2 I show $40,000 capitol gains in 2002 and 2003 because the company i worked for granted me stock options. Pri… read more
Lou
Lou
High School or GED
272 satisfied customers
My wife and I Purchased an investment property in our IRAs
My wife and I Purchased an investment property in our IRAs about 3 years ago. property has now lost approx. 40% of its origional cost, $670,000. plus its costing me over $350. a month for bank managem… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
I would like to take a partial early withdrawl from my IRA
I am an Entrepreneur with a global business that is close to taking off. We have sufficient funds from recent financing for the next 2 years with break even in about 6-9 months. Salary will increase f… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We made a deposit on a Home and decided not purchase ...
We made a deposit on a Home and decided not purchase it, we lost the deposit of $20,000.00. Can we deduct or write off this on our taxes?… read more
Wayne Brasch
Wayne Brasch
Accountant and Business Consultant
Master Degree
718 satisfied customers
I have an IRA that has not matured...not really worried ...
I have an IRA that has not matured...not really worried about that. I want to invest in real estate (a really good deal) that will have a $25K turn-around. Can I write off what I invest ($80K) off on … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
declaring state retirement fund when I am benificary
I received $70,000 for my mom's Arizona state retirement system fund after she died. I thought for some reason I didn't have to pay taxes on it. I received a 1099-r and after plugging in the 70,000 fr… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x