The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Rollover IRA Distribution question||Date: 2/9/2001 2:07 PM|
|Author: Mahopacs||Number: 46049 of 125477|
I liquified a rollover IRA worth $44,000. After the 10% penalty, it was worth about $40,000. Along with this I received a bonus that was not taxed for an amount of $3,500.
I'm assuming I can add these two together $44,000 + $3,500 and come up with $47,500 of income that I will need to pay taxes on. Is this correct?
From this $47,500 amount can I reduce Mortgage Interest and Capital Losses?
For example, If I paid $10,000 in mortgage interest and lost $10,000 in selling stocks (capital loss)...Would I now only have $27,500 worth of income that I will need to pay taxes on?
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