i did not work in 2006 .i cashed out a $10000 ira early i know 10% penalty.i used the ira money and my savings to pay a $1200 a month @ 6% on a 135k mortgage.
2007-04-15 11:19:43 · 5 answers · asked by sagev_vegas 2 in Business & Finance ➔ Taxes ➔ United States
no i didnt do any side work and no i dont have any kids.i was an ebay powerseller but i lost the supply i had so i didnt work at all i just lived off the ira my savings and i sold a few gold coins i had on ebay.yes it is a lil better now i just regained my supply and have again started to sell a lil bit :)
2007-04-15 11:34:30 · update #1
yes u do
2007-04-15 11:23:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, you are required to file because you took the money out of retirement. Take your mortgage interest with you so you can still itemize. I gotta ask, did you do any sidework, do you have kids....you might be entitled to an earned income tax credit that could give you some extra cash during hard times.
Find a Jackson Hewitt Tax Service office in your area. You can call 800-234-1040 or look on the web at www.jacksonhewitt.com and hit the office locator button.
Good luck I hope this year is starting out better for you.
2007-04-15 11:26:19 · answer #2 · answered by WitchTwo 6 · 0⤊ 0⤋
Yes you have to file, because of the IRA early withdrawal.
2007-04-15 13:53:00 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
yes absolutely, you will be 1099'd for the ira, and they will be all over you like white on rice if you don't file
2007-04-15 11:27:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes you do. Or they will come after you.
2007-04-15 11:23:43 · answer #5 · answered by rjp1811 2 · 0⤊ 0⤋