Archive for June, 2005
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Hardship Ira Withdrawal Without Penalty
June 26th, 2005
Question: Use IRA funds to prevent a forclosure?
I have real estate that I can no longer make mortgage payments?
Is there any way I can use money from an IRA to pay my loan? Without all the penalties associated with early withdrawal? Is there some a hardship waiver?
Answer: No.
Assuming that it was a deductible Traditional IRA, there are no exceptions to paying the tax. There are a few exceptions to paying the 10% penalty but avoiding foreclosure is not one of them.
Personal Finance: 401(k) : Avoiding 401(k) Hardship Withdraw Penalties
Ira Minimum Distribution
June 24th, 2005
Question: What to do if you forget to take the minimum required distribution from an inherited IRA for 2009?
I heard that this was not required last year but others have said it is required for an inherited IRA. Should I do it now for 2010 and say it’s for 2009? Help!
Answer: RMDs were not required for tax year 2009 – Including Inherited IRAs – you’re o.k.
However note that in any calendar year an RMD may be required it must be distributed (withdrawn) in that calendar year.
NFB Estate Planning Video
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