Early Withdrawal

Archive for December, 2006

Question: Tax questions on Ira Withdrawal?

I have money in an IRA I would like to withdraw and give to my church for their building campaign for a one time gift. (Given the history of cancer and heart disease in my family, it’s unlikely I’ll make it to age 59 1/2 for a regular distribution.) If I read the IRS tax code right, I’ll have to claim it as income & then be hit for a 10% penalty, plus whatever tax is due on it for income, right?

Answer: If you take a withdrawal before age 59.5, you normally will pay a 10% penalty tax in addition to your income tax. This will apply even if you give your IRA to charity.

However, if you give your IRA distribution to charity, you can deduct that in full from your taxable income on Schedule A.

So, at worst you are paying 10% tax and giving your money to the charity of your choice.

Ira Krakow’s Blender 2.50 Python Part 2 ( Panels)

Question: What are the penalties incurred for early Ira Withdrawal of 50k to start a business?

Answer: It does not make any difference that you use the funds to start a business. It may be better to look for a bank that will loan you the funds – if you have the assets to draw out $50,000 they may use those assets to support a loan…

Retirement Savings – IRA Withdrawals, Rules and Penalties

Question: help with MATH PLEASE?

Write the following expression in simplified radical form.
√72t^3u^12
Assume that all variables represent positive real numbers.

Answer: sqrt(72t^3u^12)
sqrt(72t^36u)