2007-02-02 15:46:41 · 4 answers · asked by James M 1 in Business & Finance ➔ Taxes ➔ United States
No, you have to declare the distribution as income in the year you received it. You should get a 1099-R from the company that you received it from. You must pay the early withdrawal penalty this year.
2007-02-02 15:50:31 · answer #1 · answered by Fool in the Rain 6 · 1⤊ 0⤋
No, go ahead and spr. The IRS will let you spr if you ask them nicely. They often let people go years without paying the taxes on income they make....as long as person pays interest and fees too.
2007-02-02 17:07:37 · answer #2 · answered by CA_hiker 2 · 0⤊ 2⤋
Yes, for early distributions you will have to pay tax, and likely a penalty except for in certain exceptions, (such as a divorce).
2007-02-02 16:00:24 · answer #3 · answered by ? 4 · 0⤊ 2⤋
Go see a good tax accountant.
2007-02-02 15:54:00 · answer #4 · answered by Mrs. Rut 2 · 0⤊ 2⤋