I need to take a distribution on my IRA in January and I will filing my taxes in January, also. Should I take the distribution after I file my taxes or will I have to file an amendment for 2006 tax year?
2006-12-27 03:53:38 · 3 answers · asked by chuff0902 1 in Business & Finance ➔ Taxes ➔ United States
No you dont, you will report it and pay taxes if any are due for the year you received it. So if you get it in Jan 2007, you will pay tax in Jan 2008 or when ever you file.
2006-12-27 04:04:45 · answer #1 · answered by Anonymous · 1⤊ 0⤋
No, if the money is distributed in January 2007, you'll claim it on your 2007 return that you file in early 2008. This distribution will have no effect on your 2006 income or return. It doesn't matter when you actually file, the 2006 tax year is for what happens on or before December 31, 2006.
Realize that if this is a required distribution from your IRA because of your age, it won't count toward 2006 requirements for distribution.
2006-12-27 07:22:50 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You will report the distribution in the year you receive it. If you are required to take a RMD in 2006 you must do so by 12/31/2006.
2006-12-27 03:56:44 · answer #3 · answered by daoco 4 · 1⤊ 0⤋