close
    1. Home
      2. ›
    2. Uncategorized
      3. ›
    3. If I take a large amount of cash out of my traditional IRA account for a downpayment on a house is there any way to keep it from spiking my taxes? I am over 59 1/2 years old.
    If I take a large amount of cash out of my traditional IRA account for a downpayment on a house is there any way to keep it from spiking my taxes? I am over 59 1/2 years old.

    Answer this
    0  Views: 388 Answers: 2 Posted: 15 years ago
    Comment this question

      2 Answers

      Very thoughtful answer franklin5, I am sure you helped heaps. Now to ANSWER the question get the down payment paid DIRECT from your a/c to the finance company this way the funds are not recorded in you named account as being paid to you. Best of luck and enjoy your new home. As for you franklin 5 you do not know any of the circumstances so don`t judge what you don`t know.
      15 years ago. Rating: 0
      Comment this answer

        why are you buying a house at 59 yrs.old,you should have one paid for before you retired.
        15 years ago. Rating: 0
        Comment this answer



          Did this answer your question? If not, then ask a new question.

          Top contributors in Uncategorized category

           
          ROMOS
          Answers: 18061 / Questions: 154
          Karma: 1102K
           
          Colleen
          Answers: 47269 / Questions: 115
          Karma: 953K
           
          country bumpkin
          Answers: 11322 / Questions: 160
          Karma: 838K
           
          Benthere
          Answers: 2392 / Questions: 30
          Karma: 760K
          > Top contributors chart

          Unanswered Questions

          pg55network
          Answers: 0 Views: 9 Rating: 0
          LC88
          Answers: 0 Views: 11 Rating: 0
          Mu88
          Answers: 0 Views: 12 Rating: 0
          thevicbritain
          Answers: 0 Views: 11 Rating: 0
          Virgin Games
          Answers: 0 Views: 12 Rating: 0
          M Riverside Đà Nẵng
          Answers: 0 Views: 13 Rating: 0
          TK444
          Answers: 0 Views: 9 Rating: 0
          M Riverside Đà Nẵng
          Answers: 0 Views: 13 Rating: 0
          > More questions...
          568543
          questions
          779974
          answers
          934391
          users