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Posted by Kompu Kid on April 19, 2007, 3:53 am
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I got an extension this year, and one of the reasons is that
Turbotax came up with a $300 "additional tax IRAs" (1040,
line 60).
What is this all about?
Deguza
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Posted by Don Priebe on April 19, 2007, 8:11 pm
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> I got an extension this year, and one of the reasons is that
> Turbotax came up with a $300 "additional tax IRAs" (1040,
> line 60).
>
> What is this all about?
Did you take $3,000 out of your IRA and you are less than
59-1/2 years old?
--
Don EA in Upstate NY
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Phil Marti on April 19, 2007, 8:11 pm
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> I got an extension this year, and one of the reasons is that
> Turbotax came up with a $300 "additional tax IRAs" (1040,
> line 60).
>
> What is this all about?
My crystal ball is in the shop for repairs, so I'll have to
guess. Do you have a $3,000 taxable distribution on line 15
or 16 of the 1040 and were you under 59 1/2 when you took
the money? If the answer to both is yes, the $300 on line
60 is the 10% premature distribution tax.
--
Phil Marti
Clarksburg, MD
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by bono9763@yahoo.com on April 19, 2007, 8:11 pm
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> I got an extension this year, and one of the reasons is that
> Turbotax came up with a $300 "additional tax IRAs" (1040,
> line 60).
>
> What is this all about?
I'm guessing that you took $3,000 out of your traditional
IRA last year and you are under the age of 59-1/2. There is
a 10% penalty for money taken out of retirement accounts
before age 59-1/2 unless you meet one of the exceptions on
Form 5329. IRAs are retirement accounts, and if you use the
money for something other than retirement, the government
penalizes you unless you have an acceptable reason.
If this was a Roth IRA, then you might have answered one of
the TurboTax questions incorrectly, as you can take out
contributions from a Roth any time without having to pay
taxes or penalties.
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Benjamin Yazersky CPA on April 19, 2007, 8:11 pm
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> I got an extension this year, and one of the reasons is that
> Turbotax came up with a $300 "additional tax IRAs" (1040,
> line 60).
>
> What is this all about?
>
> Deguza
did you take out money ($3,000?) from an IRA or other
retirement plan?
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
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