Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
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
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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.

Phil Marti
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.