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  • There may be penalty for IRA early distribution

    Associated Press

    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...


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