Question

I am 62. We sold our home in '17 and moved out of state. I was unemployed in '18. I withdrew 155k from IRA and paid cash for new home. How can I reduce my tax burden?

Forum|Forum|7 years ago
June 3, 2019
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Not much you can do unless one of you worked and then perhaps a Traditional IRA and spousal IRA, but must have earned income for that. If so, you have until April 15, 2019 to do this, however must have earned income.

The IRA will have no 10% penalty due to being over 59 1/2 which is good.

The tax rates are lower in 2018 than in 2017, so that does help a little, however that is a large amount to take out.

I am 62. We sold our home in '17 and moved out of state. I was unemployed in '18. I withdrew 155k from IRA and paid cash for new home. How can I reduce my tax burden?

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