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Financial Planning / Tax Strategies
|Subject: Re: IRA/ First Home/ Taxes||Date: 2/9/2001 10:14 PM|
|Author: pmarti||Number: 46099 of 124763|
What I would like to know is there any way the withdrawal can be divided up over a couple years (please someone say yes!!), or does it all have to be paid in the same year as it is withdrawn?
I wish I could tell you what you want to hear, but there's no way around including all the income on your 2000 return. If you can't pay all the tax by April 16:
1. File on time. The penalty for late filing is 5% of the balance due per month.
2. If you need additional time to pay, see the instructions for line 69 of the 1040.
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