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howardb53
Aug 29, 2008, 05:10 AM
can i defer taxes on an ira that i take money from this year till next year
ebaines
Aug 29, 2008, 06:03 AM
You owe taxes on money you withdraw from an IRA in the year you withdraw it. You have until April 15 2009 to pay what you owe for withdrawals in 2008. Otherwise you are liable to face interest charges on the underpayment. However, be aware that when you take a withdrawal they will withhold 20% for federal income taxes - so at least that portion of taxes owed can't be deferred.