CONTACT BUSINESS | Editor: Harold Goodridge | (478) 744-4382 | There may be penalty for IRA early distribution
QUESTION: My daughter is trying to buy a house but doesn't have enough money for the down payment. I want to help her by taking the money out of my traditional IRA. I am 53. What taxes will I have to pay and can I get more time to pay by filing an extension? ANSWER: Since your traditional individual retirement account was funded entirely with pre-tax dollars, any amount you have distributed to you must be included in your gross income for income tax purposes. The tax you will pay depends on the amount...
