4
votes
1answer
129 views

Withdrawing IRA early to pay off large credit card debt?

I am 38 years old and married. Because of a mix of bad luck (multiple lay-offs between my husband and I over the years which led to months of unemployment, unexpected major medical bills), choice (job ...
0
votes
1answer
36 views

How do I offset the income of a large Traditional IRA distribution (+59.5age) with other losses (LT or ST)?

My Wife lost job, was 64 and took a large cash distribution from her Trad IRA. We have 8K in ST Losses carryover and 41K in LT losses carryover. It appears that the IRA distribution is seen as ...
1
vote
1answer
78 views

How can a Spanish citizen withdraw an IRA/401(k) accumulated while in the U.S.?

Let's say I am Spanish citizen. I was working in the U.S.A. during two years in the nineties. I built an IRA/401(k). Now I am 60 years old and I want to get my amount in a lump sum. How is the way ...
3
votes
2answers
153 views

IRA withdrawal tax and penalties: Any additional fees or taxes for not paying up front?

I just withdraw everything from my IRA: about $68K, and I'm willing to pay taxes and penalties on that, because I'm unable to invest capital effectively (I don't wish to invest in US stocks or dollar ...
2
votes
2answers
150 views

Traditional IRA taxes: Are withdrawals of contributions taxed different than earnings?

Are the contributions to a traditional IRA taxed differently than the earnings when withdrawn and/or are they both considered taxable income when withdrawn? And at what rate? Capital gain or regular ...
4
votes
1answer
366 views

Is the penalty for an early withdrawl from an IRA applied to the gross or net amount?

Does anyone know if the 10% early withdrawal penalty on traditional IRA is on the pre-tax or post-tax amount? Let's say I withdraw $5k from my IRA, and I pay 20% (example) in taxes, is the additional ...