Ask Experts Questions for FREE Help !
Ask
    mike33901's Avatar
    mike33901 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 23, 2011, 10:45 AM
    In 2009 I cashed out my ira to try to avoid foreclosure.
    I used the money to retire debt in order to lower my monthly cash flow so I could pay my mortgage (big mistake) Anyway, I had to pay a 10% penalty plus taxes on the money I withdrew. I heard that this should not have been taxed . Is this trus and can I get my taxes back? Thanks. Mike
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Jan 23, 2011, 11:50 AM

    The reason for which you withdrew from IRA is not covered under exclusion for early withdrawal penalty. Your U.S. Tax Return: Traditional IRA and Roth IRA
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

2009 1099-A Wisconsin Foreclosure [ 1 Answers ]

Using TaxAxt Online to file taxes and need to know what to enter for the following questions under the "Investment Sales" section (this is where taxact said to enter the information from the 1099-A) I DID NOT RECEIVE A 1099-C. Section asked me to "enter the details of the investment property...

Selling home to avoid foreclosure (time sensitive!) [ 1 Answers ]

If you're in active foreclosure, I know that you're able to sell the home yourself before the sherrifs auction ends. My question is, if it is your intent to sell the home, will mortgage lenders be lenient in terms of allowing a certain amount of time in order to get the home under contract... or do...

IRA Hardship-Foreclosure [ 1 Answers ]

My husband and are in foreclosure and have a variable annuity with Prudential. Is this considered a financial hardship and will I be subject to the 10% early withdrawl penalty?

View more questions Search