My total income for 2003 so far has been about $22,000. (12k from last job and 9,600 from unemployment) With the additional withdrawl of $7,067 and writeoffs on my mortgage, property taxes, and $2,500 loss from my ROTH (current balance against principle contributions) I can sssume I'll be taxed at 15% marginal for the $7,200 withdrawl on my IRA?I think you can safely assume that you'll land in the 15% bracket, but a word about the Roth loss. You can deduct it only as a miscellaneous itemized deduction, subject to the 2% of AGI exclusion, on Schedule A.My educational expenses for 2003 will be around $7,000. All being paid by my student loans. I guess that means no penalty for my IRA withdrawl according to what you've said?It depends on when the expenses were paid. If the whole $7,000 was paid in 2003, then that will pretty much wipe out the penalty. However, amounts paid in 2002 for 2003 don't reduce your penalty for 2003 withdrawals.Remember that expenses paid with loans are considered paid by you. You should take a good look at Pub 970. There are several other credit/adjustment issues you should look at.Phil
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra