and have not paid taxes this year.
2007-10-22 06:29:49 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You will be taxed on your withdrawer plus an additional 10% penalty if you are under age 50.
If does not matter if you own your own business or not. Your IRA is separate from your business.
2007-10-22 06:36:19 · answer #1 · answered by Squat1 5 · 0⤊ 1⤋
Owning your own business doesn't make a difference. There are some exceptions where you don't have to pay a penalty, just the taxes - Wayne Z has given you a list.
2007-10-22 06:47:13 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
1) Death (not recommended)
2) Disability (not recommended)
3) 1st time home purchase
4) Education Expenses
5) Medical Expenses in excess of 7.5% of your income
There are a couple of other minor exceptions but if you are just taking money out for your business or personal expenses, you will be taxed as well as pay a 10% penalty.
2007-10-22 06:35:24 · answer #3 · answered by Wayne Z 7 · 2⤊ 0⤋