2007-01-26 07:16:18 · 4 answers · asked by edmund g 1 in Business & Finance ➔ Taxes ➔ United States
What do you mean by "claim" your IRA? Discuss this with a tax professional.
2007-01-26 07:22:03 · answer #1 · answered by Richard H 7 · 0⤊ 0⤋
Not sure just what your question is. You can sometimes claim a deductions for putting money INTO an IRA, and you pay taxes when you take it out if it's a traditional IRA.
If you took money out of a traditional IRA and you are under 59-1/2, then yes, you'll be penalized 10% of what you took out in addition to paying the normal income taxes that are due. But if you did, claiming it isn't optional. If you DON'T claim it, you'll be penalized a lot more when the IRA matches up your return to what's been reported to them, and comes back to you for the additional taxes. And they WILL catch it. It could take two months or two years, but you'll get a letter from them, and will owe everything you'd owe now plus interest and additional penalties.
2007-01-26 18:06:19 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Are you talking about claiming a deduction for a contribution to an IRA or are you talking about making a withdrawl from an IRA. there are many factors to consider. Are you of retirement age, was it a contribution or a withdrawl, was it a traditional IRA or a Roth IRA?
The way your question is presented, it really can't be answered here.
Call the Internal Revenue Service at 1-800-829-1040
2007-01-26 15:25:14 · answer #3 · answered by Rob 7 · 0⤊ 0⤋
only if you are not qualified or over contribute, either way, irs already knows about it. your ira already reported to irs. you should have gotten or will receive 1099 soon
2007-01-26 15:23:36 · answer #4 · answered by jean 4 · 0⤊ 0⤋