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Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: ira distribution Date: 9/10/2000 9:43 PM
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Need money for family emergency. Fidelity fund Blue Chip and Int. Value with balance about $15,000.00 . I am 69 years old. Best way to quickly tap this for 3 thousand dollars now and more later considering Taxes and trying to make it last for at least 8 months. Any comments?

How much tax will be due depends on your other income. You don't tell us how much you need in total for the emergency. Any amounts you withdraw from the IRA this year will be income this year, and anything drawn after 12/31/2000 will be next year's income. Depending on your other income, splitting the withdrawal between the two years, if possible, could reduce the overall liability.

To give more precise advice we'd need to know

1. everything about your income
2. filing status and number of exemptions
3. amount of itemized deductions, if you itemize

You can take the same information and work through various scenarios on blank income tax forms to see what the effect of different withdrawal amounts would be, if you are able to vary the withdrawals.

TMF ExRO
Phil Marti
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