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Income Taxes on IRA Disbursement

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Money Talk > Taxes

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doxology
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Income Taxes on IRA Disbursement  Reply with quote  

hello...

quick question:

I have been unemployed for 2 - 1/2 years; & after UI ran out...had to hit my savings to live.

when I filled out my income taxes this year...(& have filed for extension)...I had to report those disbursements as income, which are taxed. I now owe the feds & state money (money I don't have, actually).

since I have been unemployed for such a long time & am in dire financial straits (having even filed for county/state assistance)...is there any way to avoid those taxes...???

thanks,


dox
Post Thu Apr 28, 2011 10:00 am
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coaster
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No.

You might be able to work out some kind of payment plan with the IRS since you filed an extension. If you do nothing, penalties and interest will begin accruing when the extension runs out, and if I remember right, that's from the time they were due. Go to the IRS web site and type "payment plan" into the search box.

I'm very sorry about your situation.
Post Thu Apr 28, 2011 7:08 pm
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