Archive for June, 2010
Retirement Taxes
June 1st, 2010
Retirement Taxes
Question: Can I use Itemized deductions to offset taxes on early retirement withdrawal?
For Example: If I have no income for this year, but have $40K in deductions, can I withdrawal 40K from my retirement account (SEP), and only have to incur the 10% penalty?
Answer: In theory yes.
Run the numbers on a dummy return–particularly if any of your deductions are based on AGI. (Medical, unreimbursed employee business expenses.)
Florida retirement real Estate Taxes
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