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https://boards.fool.com/you-are-no-longer-making-substantially-equal-11614060.aspx
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| Subject: Re: IRA withdrawals & taxes | Date: 12/6/1999 9:03 AM | |
| Author: jessholl | Number: 22351 of 131786 | |
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You are no longer making substantially equal payments. What will happen is you will be assesed the 10% penalty on every dollar you have withdrawn from the account since you started 4 years ago. The IRS will flag it. The longer they wait to flag it the more in penalties and interest you owe them. I am not sure what the rate is this year I haven't looked, but it is not competitive. I would highly recommend finding a good tax attorney who can represent you in front of the IRS. Perhaps they can work out a deal. Otherwise the longer you wait the more the interest they are due builds up. |
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