 I just got out of prison and i havent filed taxes since 1994. how do i get right with the irs? |
| i have not been in prison since 1994. I have worked 2 or 3 mos out of every year since 1994. I just never filed my taxes.... |
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 Should I claim dependents? I currently claim 0 but...? |
| My husband and I both work full time. We have 2 children. Currently, both of us claim 0 dependents. I thought I read somewhere that the person who makes the largest salary should claim the least ... |
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 A paper check if you got the RAL....boo hoo!? |
Q. I chose direct deposit for my 2007 tax refund but also requested a refund anticipation loan (RAL) from my preparer. How does that affect my stimulus payment?
A. Taxpayers who use RALs ... |
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 Please tax preparer!Do you think I should do my taxes jointly? We are living apart but we still married...? |
I need some advice about tax refund information.
My husband and I we are living apart for about 5 month.
Now my husband wanted me to claim at my job " married 0", while last year ... |
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 Can I request that federal income taxes not be deducted from my salary? |
| I beilieve the income tax is illegal. Is it manadatory that federal income taxes be deducted from a person's salary?... |
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 How do I deduct my own taxes if my employer is not deducting them? |
| I have asked a similar question a few times, and I wanted to clarify my situation in the hopes of being able to get the most accurate answer. I was hired to work as a secretary for 40 hours a week at ... |
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 Am I REQUIRED to pay estimated income tax quarterly? |
| I'd rather keep my money, earning interest on it, than send it to the IRS throughout the year. Is there a law that says I must pay it quarterly instead of paying it all on April 15??... |
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 Can i claim my fiancee's 2 sons on my tax return to claim the EIC? |
| He has full custody and they have lived with us for over the past 2 years, however i did not claim them last year. I have been their main provider for 2006 as their father has not worked, and their ... |
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 Is an insurance settlement considered taxable income? |
| Wife was in an auto accident. Our attorney negotiated a small settlement with the insurance company. IRS claims we owe tax on the settlement because our attorney reported the settlement amount as ... |
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 My boyfriend makes about 39k annually, will he get more this year for claiming me if we're married? |
| And how will that affect our child tax credit for our two kids, because i don't have an income?... |
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 Is "Cancelled Debt" Income subject to Self-Employment Tax? |
Additional Details
This was a personal loan. Both my husband & I were self-employed at the time. However, this was a personal loan from my father-in-law (Before anybody jumps on ... |
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 Pan Pan Peanut Butter, I feel that it is not right to just throw the jar away without? |
| some type of reimbursement. It is like throwing money away and I am not that rich where I can throw money away. I purchased the jar at the Ft Sill Commissary. I purchase peter pan peanut butter on a ... |
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 Independent tax preparer? |
| Can one take the tax prep classes from H&R Block or Jackson Hewitt and, instead of working for them preparing returns, start up a tax prep business of their own? Is there a commitment to these ... |
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scott m | I am 61.5 and want to use my IRA to buy a home for the first time. Do I incur any tax penaties on this.? |
How much can I use and do I incur a tax penalty for this? I am 61.5 years old. |
 |
 
ninasgramma
 |
Since you are over age 59.5, you can withdraw any amount from your IRA for any purpose without a tax penalty.
However, you will pay income tax on your withdrawal regardless of the use of the money. |
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RANDALL M
 |
You will have to include the entire amount withdrawn in income but there is no penalty on any amount no matter when you take it because you are over 59 1/2. Just be careful of crossing into another tax bracket. Depending on your other income, it may be best to take some out this year and some out next. If you are close to the next tax bracket, it will save you a little in taxes by making two distributions. Even if you decide not to buy the house later, you would still have 60 days to put the money back into your IRA without having to pay the taxes on it. If buying the house is very likely, I would sit down today and figure out what tax bracket you will be in for 2007 and see if it is worth while making a distribution today. It is the last day of the year, after all.
Good luck and have a great New Year.
Hi VB |
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Wayne Z
 |
There are two different issues: Taxes and Penalties.
Assuming that this is a pre-tax Traditional IRA, you will always pay ordinary income taxes on the withdrawal regardless of what you do with the money.
As you are over 59 1/2, you will not have to pay the 10% penalty associated with an early withdrawal from a IRA. |
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Judy1
|
No, at 61-1/2 you can withdraw all of your IRA money if you want to, without penalty, no matter what you use it for. You will of course have to pay income tax on the amount withdrawn if it's a traditional IRA and not a Roth IRA. |
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bostonianinmo
|
No, no penalty regardless of what you use it for. Penalties only kick in if you're under 59 1/2 (or over 70 1/2 and dont' take out the required minimum distributions).
It is taxable as ordinary income, however if it's a traditional IRA. There's no way to avoid that. |
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v b
|
Before you take the money out, figure out what tax bracket you are in. Then see if the amount you plan to take out will leave you in that tax bracket or put you in a higher one.
If you can withdraw all of the money you need at 15%, that's probably the best you can do. If you withdraw all of the money you need and it pushes you into the 25/33/35% tax bracket, that starts to get expensive.
If you can take some money in several different tax years, it will spread out the tax burden. |
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MB
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You shouldn't incur any penalties though if it is a traditional IRA you are going to be taxed on at least part (if not all) of the distribution that you take out of the IRA. |
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taxreff
|
Since you are over 59 & 1/2 you may withdraw any amount from your IRA without penalty. Of course, regular income tax still applies if it is a traditional IRA.
For those under 59 & 1/2, a first time homebuyer is permitted to withdraw up to $10K without penalty. |
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Ron Mexico
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First time home buyers do not. |
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