Double dip tax fee?

Asked by Gcolon166, New York, NY Mon Apr 22, 2013

My mother in law in taking money out of her Ira to help us buy a house . Is there a extra tax or a extra penalties ?

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Andrew Tisel…, Agent, Clifton, NJ
Tue Apr 23, 2013
It depends on her age. If she is 55+ she might not have to pay penalties. check with an accountant.
The money she takes out will also count as income for her if it is a traditional IRA.
The penalty used to be 10% on top of the regular tax for the income. not sure if it has changed.
If she is part owner of the house she could also avoid the penalties.
0 votes
Ron Thomas, Agent, Fresno, CA
Mon Apr 22, 2013
I walked in to the IRS office, (had to make an appointment), and found them human and sympathetic. They will help you with the straight answers.
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Laquita Baez, , New Jersey
Mon Apr 22, 2013
Have your mom contact her IRA company to inquire about that. They should be able to tell her her penalties if any.

Laquita Baez
Weichert Realtors
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