T
TrixyA
Guest
My husband and I have been paying into an IRA for many years. However, we have never taken a tax deduction on the payments. In 2001, we withdrew a large amount to pay down personal debt. At that time, we withheld 10% for the anticipated penalty for withdrawing funds before we were 'authorized' to do so.
Do we have to pay taxes on this amount for 2001? We have already paid taxes on the entire fund.
Do we have to pay taxes on this amount for 2001? We have already paid taxes on the entire fund.