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Reload this Page IRA Distribution and Income Averaging

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Old 04-12-2001, 10:58 PM
Joseph Nadolski
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virginia
i received an ira distribution to purchase a home to help support my mother-in-law. is it possible to average this distribution income in order to spread out the tax liability over more than one year? thanks.
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Old 04-13-2001, 02:49 PM
loku
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Lump sum distributions.

Sorry, the lump sum averaging that you are speaking of apply to distributions of the entire amount of pension, profit sharing, and stock bonus plans to employees born before 1936. It does not apply to IRA distribution.

To make it worse, if you are under 59-1/2, the 10% penalty applies since the reason you have for the withdrawal is not one of the exceptions to the penalty.
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Old 04-13-2001, 05:00 PM
Joseph Nadolski
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Thanks

I appreciate you taking the time to respond to the question. Thanks.
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