	AllExperts > Tax Law (Questions About Taxes)
	Search

About Glenn D Schnabel
Expertise
I can answer most federal individual income tax questions. I can not provide legal advise.

Experience
I have worked for a CPA firm for over 11 years. I have worked in private as well as government I have recently been running a tax preparation office, mainly focusing on individual income taxes

Organizations
I have been affiliated with managing condo associations and as a member of a coalition to educate condo owners as to their rights and responsibilities.

Education/Credentials
I have my B.S.B.A in Business Administration . Concentration in Accounting I have gone to yearly tax seminars and have tried to keep up with the evolving tax changes

Awards and Honors
Over my years I have received local awards for contributions to worthy organizations.

Past/Present Clients
This, of course remains confidential

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > taxing ira withdrawals

Tax Law (Questions About Taxes) - taxing ira withdrawals

Expert: Glenn D Schnabel - 10/29/2009

Question
Hello,
I am retired on SS and my wife is on disability. Is there a way for me to withdraw approx. $50k from my ira to pay off my mortgage and spread the tax liablity over a period of say 3 years?

Answer
Michael,

If you are over 59 1/2 , you can start to take distributions from your IRA without a penalty of 10 percent. The distributions would be subject to income taxes. You probably will not be able to spread the tax liability over 3 years. There is no provision in the law presently that would allow you to do that without being creative.

Add to this Answer Ask a Question