Discussion:IRA EARLY DISTRIBUTION.
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
(Difference between revisions)
| Revision as of 01:40, 10 April 2009 Eibytawil (Talk | contribs) (Sorry English i) ā Previous diff |
Revision as of 02:09, 10 April 2009 Rgtaxservice (Talk | contribs) (According the 86) Next diff ā |
||
| Line 10: | Line 10: | ||
| {{ForumReplyPost|UserID=Eibytawil|Date=10 April 2009|Text=Sorry English is not my first language.}} | {{ForumReplyPost|UserID=Eibytawil|Date=10 April 2009|Text=Sorry English is not my first language.}} | ||
| + | |||
| + | {{ForumReplyPost|UserID=Rgtaxservice|Date=10 April 2009|Text=According the 8606 instructions, you can file an amended return with a 8606 to make a deductible contribution into a non-deductible contribution.}} | ||
Revision as of 02:09, 10 April 2009
Discussion Forum Index --> Basic Tax Questions --> IRA EARLY DISTRIBUTION.
Discussion Forum Index --> Tax Questions --> IRA EARLY DISTRIBUTION.
| 10 April 2009 | |
| One of my customers, is facing an early withdrawal penalty on IRA distribution. On 2006 and 2007, he took an IRA deduction but his taxable income was 0, because of that the deduction did gave him any, savings. Iām planning to amend 2006 and 2007 electing with form 8606 to convert the contributions to non deductible IRA contributions, that will increase my basis and reduce my tax liability and penalty for 2008. Does that sound good?
Thank You. | |
Rgtaxservice (talk|edits) said: | 10 April 2009 |
| Walmart has customers. Tax Practitioners have clients. | |
Rgtaxservice (talk|edits) said: | 10 April 2009 |
| According the 8606 instructions, you can file an amended return with a 8606 to make a deductible contribution into a non-deductible contribution. | |
